Price of Oil
This was taken in California - on the road towards Paso Robles. California has some pretty large oil fields, although probably not as expansive as those in West Texas. It is most likely the Lost Hills Oil Field, the 18th largest oil field in California. It is estimated that there are 110 million barrels left. The largest operator is Chevron.
"Rise Early, Work Hard, Strike Oil" - J Paul Getty
With the unrest in Ukraine, the price of oil has been fluctuating. However, last Wednesday, it fell to near $100 a barrel as a report showed an increase in U.S. crude stockpiles and investors pretty much ignored the new sanctions on Putin's inner circle.
A rise in supplies suggested demand is not as strong as expected. The American Petroleum Institute said that U.S. stockpiles of crude oil expanded by 3 million barrels last week. If the API figures are confirmed by the Energy Department, U.S. crude oil stocks climbing above the 400 million barrel threshold for the first time.
Some of this can be attributed to the fracking boom in the US. Since 2008, "tight-oil" (oil reserves we have known about for decades, but have not been able to extract economically) production in America has soared from 600,000 to 3.5m barrels per day.
Price of Oil
This was taken in California - on the road towards Paso Robles. California has some pretty large oil fields, although probably not as expansive as those in West Texas. It is most likely the Lost Hills Oil Field, the 18th largest oil field in California. It is estimated that there are 110 million barrels left. The largest operator is Chevron.
"Rise Early, Work Hard, Strike Oil" - J Paul Getty
With the unrest in Ukraine, the price of oil has been fluctuating. However, last Wednesday, it fell to near $100 a barrel as a report showed an increase in U.S. crude stockpiles and investors pretty much ignored the new sanctions on Putin's inner circle.
A rise in supplies suggested demand is not as strong as expected. The American Petroleum Institute said that U.S. stockpiles of crude oil expanded by 3 million barrels last week. If the API figures are confirmed by the Energy Department, U.S. crude oil stocks climbing above the 400 million barrel threshold for the first time.
Some of this can be attributed to the fracking boom in the US. Since 2008, "tight-oil" (oil reserves we have known about for decades, but have not been able to extract economically) production in America has soared from 600,000 to 3.5m barrels per day.