Home › Forums › Financial Markets/Economics › Whatever happened to Peak Oil? › harvey wrote:EconProf
[quote=harvey][quote=EconProf]Thank you fracking (plus a few other lucky developments).[/quote]
Are you claiming that an increase in fracking in the US is the dominant reason for the global decline in oil prices?[/quote]
It certainly had some impact. So did a seasonal decrease in consumption.
[img_assist|nid=25763|title=Oil Consumption vs Production by year|desc=|link=node|align=left|width=400|height=270]
In the last five years, US crude production rose from 5476 thousand barrels per day to 9477 thousand barrels per day.
In the same five years, OPEC crude production rose from 21589 thousand barrels per day to 24377 thousand barrels per day.
