US should authorize more fracking if oil prices climb
The price of oil is going up again because Wall Street came to the conclusion that the Saudis want it back to the $80 level.
So, naturally, the financial markets were happy to push the price up sharply.
While oil is simply another asset on Wall Street, to you it’s a necessity. Can’t heat your house or move your car without it.
I’m bringing this up because there’s an antidote to what happens whenever Wall Street needs a quick jolt up in the price of something like oil and gasoline. The antidote: The minute Wall Street takes oil and gas on a rocket ride higher, someone in Washington should authorize more shale drilling.
Fracking — which is what drilling for oil in shale is called — is despised by many. But so, too, is the US having to fight in Middle East wars and the type of natural financial disaster that’s caused every time someone decides to take the price of natural resources on a skyrocket ride.
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