US has waged war after war, killed millions to prop up oil price: Analyst
The United States has “waged war after war” and killed millions of people to “prop up the price of oil,” and create the US fracking industry, says a political commentator.
Bill Dores, a writer for Struggle/La Lucha and longtime antiwar activist, made the comments in an interview with Press TV on Monday.
Under President Donald Trump, the US is “escalating its military presence” to take on Iran and Venezuela, Dores noted, further referring to Secretary of State Mike Pompeo’s “belligerent, threatening remarks against Iran.”
“Meanwhile, still with the prices crashing, the Trump regime is trying to expand fracking in the United States and opening up new lands, mostly being stolen from native peoples,” said the New York-based analyst. “The US fracking industry was a product of the Iraq War… [which] created a price bubble… that made the fracking industry profitable. Now it’s collapsed and they’re desperate.”
In January 2019, the Wall Street Journal published results of a study that showed fracked shale oil wells were drying up faster than expected.
“The current price environment is more or less a complete disaster for the majority of shale companies,” Artem Abramov, the head of global shale research at the consultancy Rystad Energy, told The Guardian on Saturday. “At $30 a barrel, many companies would be able to adapt gradually. But at $20 a barrel, many players – especially those with poor balance sheets – will struggle financially.”
The benchmark price of US crude crashed below zero for the first time last week.
“Market forces will ultimately regulate the industry in a very brutal manner, forcing massive ‘shut-ins’ [well closures] across the country before the market imbalance can improve,” Abramov said.
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