What is the relationship between fracking and the United States and OPEC?

in Educationlast year

image.png

Image source

Although fracking is a technique that has had much controversy worldwide, especially because it is known to be a technique whose practice has a negative environmental impact, we cannot deny the fact that it is a technique that improves the extraction of oil and natural gas.

The United States is where this technique has been most successful, since the country's unconventional reservoirs can only be maximized through fracking.

OPEC countries and some other non-OPEC countries such as Mexico and Russia reached a consensus to minimize oil production in order to regulate prices, however countries such as the United States do not agree, since they have invested heavily in the fracking technique and will not stop production through fracking so easily.

The conclusion of the case is that the United States somehow or other does not want to belong to OPEC, at some point in the new historical times to come, we will be able to see this great power taking part in the transcendental decisions within this great oil market such as OPEC.

In relation to the fracking technique, I personally believe that it is a technique that certainly brings many benefits to increase the production of oil and natural gas, but it has an environmental impact that contaminates the aquifers, the other thing is that it is a very expensive technique that with oil prices being very low does not result in its application.

Under this scenario in which the United States is one of the pioneers of fracking, but for this scenario of fracking to be profitable, it is necessary that oil prices increase, and for this we will have to see the United States more attached to the desire to join OPEC.

Sort:  

image.png