Their plan was to keep countries like the United States (OPEC) raking in big bucks, while American businesses and consumers drown in a sea of high energy costs. In July of 2013, I wrote a column in the Examiner that predicted that fracking could destroy OPEC. That view was shared by Prince Al-Waleed bin Talal, the man who handles Saudi Arabia’s finances.
He said that fracking would undercut Saudi wealth and said that Saudi Arabia should look at other options. He opined that Saudis should find another industry to fall back on when oil revenue starts to peter out.
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He believed that fracking in the United States and Canada would lessen demand for Saudi oil and drive the prices down. He was right. At the time I wrote that article, oil was selling on the spot market at 96 dollars a barrel. As of yesterday, the price was 44.89 a barrel. A drop of over 50%.