the oil crisis did not foresee the events that opened the door to the exploitation of a new resource shale oil and unprecedented boom propelled the united states into the ranks of the world s largest oil producers. consumers benefited from cheaper prices this time it was the oil producing countries that bore the brunt of the price of oil collapsed between june twenty fourth chain and january twenty sixth in the price of a barrel of crude declined by seventy percent. it is destroying major producers the united states russia and saudi arabia continue to five for power and control shifting strategies and alliances helped turn the global economic and
a barrel. with two thousand years ago we didn t think the saudis would risk that since it would make it difficult to maintain a balanced budget the more looks a bit was all it sold of even the russian president said that the world economy would collapse if prices dipped below the eighty dollar mark foursomes dollar for the work. but the price kept dropping. as the holiday season approached moscow grew worried that the plummeting price of oil could send the country into a deep recession. the downward plunge continued. i. the major players in the u.s. fracking industry working on
a profound shock to the u.s. government and its people. fifteen of the nineteen hijackers were saudi nationals. it all said after september eleventh we saw the close relationship between saudi arabia and the united states began to disintegrate somewhat. but the u.s. was very dependent on oil imports from the middle east including saudi arabia. we began to see american companies such as exxon mobil chevron and texaco shift from saudi arabia to africa which at the time was still relatively untapped. they focused on angola nigeria and the other countries along the gulf of guinea must. not only. in the wake of nine eleven the u.s. began to pursue a new oil supply strategy africa was just the beginning was. saddam
geopolitical order on its head. at the same time a global transition to renewable energy is underway oil is still king but is its room now drawing to a close. here in the heart of paris the kepler company keeps a sharp pile on the global oil economy. by so you know. alexandra and lawyer is an oil market analyst. to release numbers showing saudi arabia s exports are rising a bit and venezuela is still forming. about one hundred thousand barrels a month so i d say that s having an end. act right now.
it is. and xander came in twenty fourteen the shale oil revolution was at its peak and. you can. use it. to that everybody was in full swing. during the first half of the united for prices and one hundred dollars a barrel drilling rigs were everywhere. everyone was euphoric there was a real estate boom years it was a true oil rush but that was structurally speaking shale oil extraction is a completely new and different industries look at all this with just five million dollars you can start extracting oil within three to six months and more reserves elsewhere in the world it takes several hundred million dollars and