It’s Working: Iraq Fails to Spike US Oil/Gas Price Thx to Shale

Used to be if there was unrest or the threat of renewed civil war in the perpetually war-torn country of Iraq, or somewhere else in the Middle East (like Syria), oil and gas prices would soar in the U.S. based on the potential threat of a supply disruption. Increasingly that is no longer true. Take the latest Iraq unrest. Oil prices are going up–a little, but not much. Why? Because of shale. The analysts at Deloitte recently published their “2014 Oil and Gas Reality Check” report (full copy embedded below). What does it say? Over the next 5-6 years surging shale oil and natural gas production in the United States will “cut deeply” into OPEC’s influence on the global price of oil and gas…

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