Big Oil Prices are Pretty Low Right Now, Here’s Why
Lately, the news has been pretty gassy. And with all this news on gas, it’s gotta be good right? Well, sort’ve. Remember how we were all freaking out about how there won’t be enough oil of fill the resources and so we started looking for other places to drill? Well, we found them. So much of them that we are actually getting WAY too much.
And here’s where it’s coming from:
It was announced yesterday that an Italian energy company discovered the largest known gas field in the Mediterranean. SUPER close to Egypt. And as Egypt is sort’ve in need of this oil, it’s pretty good news for them! It’s so close, ya know? But also, it’s another discovered reassures that the world can take advantage of.
Obama “okayed” the deal for oil companies to start drilling in the Arctic. Truthfully, it’s not really okay according to Alaskan environmentalist. But nonetheless we are getting more oil, and the U.S. economy is bracing for it.
Hotspots like Texas and North Dakota
Fracking. It’s been a hot topic for a while now. To frack or not to frack was the real question. Well, we’ve been fracking in the U.S. and this has produced a nice good chunk of oil. Another step in the U.S. oil industry.
So cool! Yay! More gas! We were worried about that right?
Well demand it sluggish and as the price goes down in gas...well, let’s just say we are putting in a lot more effort to get oil then we are actually needing.
Sort’ve like when your mom gives you WAY too much to eat because she think you need it.
Yeah, the world for the most part is like a really sad kid who’s parents are yelling at him to finish his plate of food OR ELSE.
I’m not say we should listen to our mom and eat all of it, because then we might end up with a tummy ache. Only to maybe conserve and keep track of all the oil we have been getting!