More than $150Billion oil projects risk being axed in 2015

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While some folks are happy about oil and petrol prices going low, it won’t last long. While prices were high, deep water and directional drilling, along with fracking, opened up new/old sources, previously not worth developing, causing oversupply. It’s much cheaper to get this stuff out of the ground from OPEC sources, so their price is dropped until competition quits. Then watch prices go through the roof again and stay there because oil exploration hasn’t had any new finds as cheap as OPEC for decades. Trouble is, with prices low, finance is held back from risky exploration projects. Double trouble is that OPEC reserves are getting depleted. Let’s look forward to prices high enough to change our habits, drastically, to reduce demand, maybe even enough to leave it in the ground, to stay below 2degC warming.

>readmore> TheAge

About groundswellbasscoast

This is on behalf of local climate change group. Material is selected by Bernie McComb and does not necessarily represent opinion of whole group.
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