EXPM:PREGF - Post by User
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Chevy_Chaseon May 07, 2015 7:24am
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Post# 23703008
Jim Rogers: Shale oil industry article
Jim Rogers: Shale oil industry articlehttps://www.hardassetsinvestor.com/interviews/6759-jim-rogers-shale-oil-industry-will-slow-global-production-a-reserves-in-decline.html
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Jim Rogers: I certainly was; I did not see it coming. I now realize why it happened. As you may remember, America was negotiating with Iran last year. The deadline came in July and the negotiations had failed. And so America said: "All right, we will extend the deadline for another year." Well, it was at that point that Saudi Arabia started dumping oil because America told them, "We've got to put the Iranians in their place."
And we were also dealing with the Russians. So America said, "Let's punish them; let's get them to come around to our way of thinking." Saudi Arabia, of course, needed to do something to slow fracking—you cannot stop fracking, but you could slow it. And so Saudi Arabia was very happy to go along. As soon as those negotiations ended, they started dumping oil."