On the other hand, the tight/shale oil and gas revolution is having a major positive impact on employment, local tax bases, and economic development. A subdued pricing environment may call this into question.
Exporting, on the other hand, would become a major continuing stimulus.
So as we head into 2015, OPEC has revealed its cards and they aren’t playing a winning hand. Instead, a response is about to follow that involves the export of liquefied natural gas (LNG) from the U.S. beginning within the year, and prospects for straight crude exports (or allowing additional minimally processed volume to follow already approved exceptions to current legislation).
The network that will bring down OPEC policy includes North American production, consumers worldwide, and financing delivered from some unlikely sources.
All of which makes my upcoming meetings in London that much more interesting. I’ll have more on this as the story develops.
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