For the United States, the shale oil-and-gas boom — thanks largely to the practice of hydraulic fracturing and destined to only gain momentum in the coming years (and even more so if we manage to vote in an administration with more favorable domestic energy policies, hem hem) — has been a much-needed and welcome bright spot in an economy that’s otherwise been struggling to add jobs and wealth and is now in its fifth year of so-called “recovery.”
For certain OPEC nations? Not so much. Via the WSJ:
Saudi billionaire Prince Alwaleed bin Talal has warned that the kingdom’s oil-dependent economy is increasingly vulnerable to rising U.S. energy production, breaking ranks with oil officials in Riyadh who have played down its impact.