Good news: Venezuelan President complains that fracking is “flooding” oil markets

Originally posted on Wintery Knight:

Gas prices vs domestic oil production

(Click for larger image. Source)

Why are gas prices so low all of a sudden?

Well, let’s ask the communist President of Venezuela:

The broadcast networks may not want to give credit to hydraulic fracturing for increasing U.S. oil production and lowering global oil prices, but at least one angry world leader did just that.

Venezuelan President Nicolas Maduro complained that fracking in the U.S. has “flooded” the world market and contributed to lower oil prices, a connection that broadcast networks’ evening news reports barely made recently.

“The oil they’re taking from (shale deposits) and the gas. They’ve flooded the international market to batter the Russian economy …, Iran and to hurt us, Venezuela,” Maduro said in a broadcast on VTV, a state-run TV channel in Venezuela, according to Fox News Latino.

Fracking has been one cause of increased oil production in…

View original 485 more words http://winteryknight.wordpress.com/2014/12/14/good-news-venezuelan-president-complains-that-fracking-is-flooding-oil-markets/

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