{"id":7757,"date":"2014-11-18T19:14:41","date_gmt":"2014-11-18T19:14:41","guid":{"rendered":""},"modified":"2014-11-18T19:14:41","modified_gmt":"2014-11-18T19:14:41","slug":"drill_baby_drill_us_fracking_drives_down_saudi_oil_prices","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2014\/11\/18\/drill_baby_drill_us_fracking_drives_down_saudi_oil_prices\/","title":{"rendered":"Drill, Baby, Drill! US Fracking Drives Down Saudi Oil Prices"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: Okay. I mentioned the plummeting oil price, and there are a lot of people trying to figure out, why is this happening? There are a lot of people that do not understand what it is that\u2019s driving down the crude oil price. What explains it? When it happens and it\u2019s a mystery, people look to traditional explanations, “Well, are people driving less? Is the demand for gasoline down? The economy bad? What\u2019s going on?” And in this case that\u2019s not the answer. <\/p>\n

The simple explanation for much, not at all, but for much of the drop in the price of oil is found in Saudi Arabia. The Saudis are lowering their price because they are scared. They are very worried about the amount of oil now available in the United States and North America via fracking. Shale gas and oil. And it\u2019s been reported in a number of official publications that the amount of oil, the reserves that are available in the United States and North America since fracking has become affordable, the reserves we have are greater than the reserves in Saudi Arabia. <\/line><\/p>\n

Now, the Saudis have owned the notion that they have the world\u2019s greatest supply of oil. And they are threatened gravely by this. They are lowering the price that they are charging in order to strangle their competition, which is in this country, in the Dakotas, anywhere where there is shale gas and oil and fracking going on. We got a Big Oil boom in this country, and they are doing everything they can in Saudi Arabia to strangle it. They\u2019re trying to lower the price, get it to the point where it\u2019s no longer profitable or sensible for the companies in this country to continue to frack and produce the oil. About $65 a barrel is that price, and the Saudis are doing what they can to get that price down there. <\/p>\n

And of course if they arbitrarily decide to lower the price of oil, they are going to increase the demand for their oil, and this is, hey, competition in an open market, it\u2019s bloodthirsty. I mean, capitalism, you can say good, bad, but when it is in full swing, it is just amazing to watch it. That\u2019s exactly what happening here. That\u2019s why the oil price is plummeting, is Saudis are trying to run their competitors out of business. The Saudis are trying to freeze the frackers, in essence. The Saudis, they have many more reserves at their disposal. The reserves the frackers have are yet to be produced. We just know they\u2019re there. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Do you remember how many people made fun of us when we said, “Hey, all we gotta do is drill, baby, drill?” Drill for oil will bring the price down, drill for oil will raise the supply, drill, baby, drill? Oh, you can\u2019t, silly, made fun of it. We\u2019ve drilled, we\u2019ve drilled, we\u2019ve fracked, and here are the Saudis lowering the price of oil. It works every time it\u2019s tried.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: How many times were we and other people laughed at and mocked and made fun of for saying that the US can lower the oil price by drilling more? I mean, remember Sarah Palin? Drill, baby, drill? Remember how she was laughed at and made fun of and mocked? Anybody else who echoed the sentiment was laughed at, made fun of, and mocked. But that\u2019s what\u2019s happened. See the Saudis?<\/line><\/p>\n

Because of our drilling — we\u2019re fracking, same thing — we\u2019re producing oil left and right in places heretofore it was unable to be had. We\u2019re producing it, and the Saudis are threatened. They are lowering the price of their own oil to make it less profitable for the domestic producers in this country to bring that oil out of the ground or out of the shale. It\u2019s cutthroat, and it\u2019s bloodthirsty.<\/p>\n

This is the way competition and capitalism work. UK Telegraph last Friday: “Oil Price Rout to Deepen Amid Supply Glut, Warns IEA — Brent crude tipped to fall to $75 per barrel as investors short the market and supply outstrips demand.” It\u2019s another reason Obama doesn\u2019t want the Keystone pipeline. Obama doesn\u2019t want the oil industry going nuts. He doesn\u2019t want oil cheap. He doesn\u2019t want it plentiful. <\/p>\n

Obama wants “alternatives.” He wants this idiotic solar, idiotic green, idiotic wind and all of this stuff, because that\u2019s how he is able to make his cronies rich. But it\u2019s also how he can wreak further damage on this country. Making sure that the oil that\u2019s produced in this country can\u2019t be produced? He\u2019s all for all of that. He\u2019s conflicted in a lot of ways about it, but it is what is happening, and that is why.<\/p>\n

It\u2019s because the Saudis are doing everything they can to damage the domestic market in this country which is just literally booming. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Okay. I mentioned the plummeting oil price, and there are a lot of people trying to figure out, why is this happening? There are a lot of people that do not understand what it is that\u2019s driving down the crude oil price. What explains it? When it happens and it\u2019s a mystery, people look […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nDrill, Baby, Drill! 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