Big Data: The Reason for Optimism in the Fracking Industry

Since the early 1970s, OPEC has had a powerful influence on the price of oil by virtue of its enormous oil production. However, that has changed over the last five years when high oil prices stimulated the U.S. fracking industry. Its huge shale oil output combined with Saudi Arabia’s oversupply efforts to suppress U.S. fracking has since led to a collapse in the price of oil. Because fracking is more costly than conventional oil extraction, the current oil price collapse is closing down U.S. shale oil rigs. Experts predict that fracking will only “kick in” when oil prices are high…

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