Saudi Arabia is Keeping Oil Prices Low to Hurt Russia’s Economy
GREGORY ZUCKERMAN author of “The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters” dropped by to talk about U.S. and world energy. Gregory explained that the cheap oil we are seeing in the world is because Saudi Arabia is trying to keep oil prices lower to hurt Russia’s economy and also to take some of the wind out of their sales to keep them from producing too much oil so that they don’t lose market share.
Gregory said that to get more energy independence we could export more oil to give oil and gas companies to drill for more oil and even expand gas production in New York. This new energy revolution here in America is happening in spite of our politicians.
Gregory also talked about how President Obama has had to come around to using fossil fuels because it has generated jobs and stimulated the economy. If the President actually tried to help make that sector grow even more is by helping to get oil and gas sold and exported to other countries.
