© Sputnik / Vladimir Astapkovich; inset © REUTERS/Agustin Marcarian
CNBC: Russia’s Putin says shale oil technologies are ‘barbaric’
* Output increases in the Permian Basin of Texas, as well as other major formations, have helped the U.S. become the world’s largest producer of oil.
* Earlier this week, the U.S. Energy Information Administration (EIA) said in a monthly forecast that U.S. crude oil output from seven shale formations was projected to rise to a record high of 9.13 million barrels per day in December.
Russian President Vladimir Putin has sharply criticized nations like the U.S. for ignoring the environmental impact of shale oil and gas production, describing it as a “barbaric” process that the Kremlin has no interest in pursuing.
Speaking at a business conference in Moscow Wednesday, Putin said: “Today’s technology of shale oil production and shale gas are without any doubt … barbaric.”
“These technologies destroy the environment,” he explained via a translation, before adding that the areas affected by the extraction process were typically left in a “precarious situation.”
“In spite of all of the economic benefits, we do not need it and we will never do this,” Putin said.
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Update: Putin’s plan: Wait for US’ most-advanced shale oil know-how and SNATCH IT! (Spoiler: it was a joke) (RT).
WNU Editor: If it was not for shale production. Oil would probably be over $100/barrel.
3 comments:
Oil above $100 per barrel, I think this is what Putin wants. If he can do anything about it, Trump is not going to allow this to happen IMHO.
Shale oil production gives the US a fighting chance when dealing with major world powers such as Russia and China. As such, naturally Putin would think it "barbaric."
As for China, I don't see them paying $100+ per barrel of oil. They appear to have the clout to negotiate side arrangements with major producers that would allow them to pay less. As the US lacks such clout, without shale oil production we'd be stuck paying $100+ per barrel of oil.
Shale oil has made the US a force to be reckoned with and has the potential to make the US the world's dominant power. Of course changes will need to be made to our foreign policy. IMHO under President Trump this is slowly moving in the right direction. Essentially shale oil has huge upside potential along with minimal downsides.
LOL!!!!!
What's funny? Actually I suppose it is kind of funny to see Putun "trolling" radical American environmentalists all while these same radical environmentalists accuse Trump of being a Russian puppet or something to this effect. I hadn't thought about it but I suppose it is kind of funny.
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