U.S. Fracking Firms Positive Despite Oil Price Slump
There have been reports that the oil price slump would have a negative impact to the US shale gas industry. While we largely share that view, McAllister offered a different perspective through his article, “U.S. fracking firms stay in top gear despite oil price slump”.
According to the report, firms that supply sand and guar gum to the fracking industry continue to hold a positive outlook. Robert Rasmus, Co-Chief Executive officer of sand producer Hi-Crush was quoted as saying, “We have not seen any data or had any discussions that indicate lower demand for our sand.”
Oil drillers were said to be just as optimistic and have not lowered their supply requirements for 2015. One of the reasons output will continue is because there are already wells that have been drilled and are just awaiting fracking.
It seems that for now industry insiders are on wait-and-see mode to check if the gas prices will continue to drop, enough to affect the industry.
Terry Smeader
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