The Epic Saudi Fail and the Triumph of American Ingenuity

Fracking is the greatest tech story of the decade.

As I've said for years now, "Peak Oil" is a ludicrous myth. But I've also said, from the very beginning of the Saudi gambit to bankrupt America's frackers, that fracking was (and is) perhaps the greatest tech story of the decade, that American technology and innovation would prevail, and that OPEC (and Russia) would not only lose but would be left in ugly desperate straits. I wasn't the only one who said this, but I was one of the few.

I was right. Again. -- RDM

by Ambrose Evans-Pritchard
August 4, 2016

OPEC’s worst fears are coming true. Twenty months after Saudi Arabia took the fateful decision to flood world markets with oil, it has still failed to break the back of the US shale industry.

The Saudi-led Gulf states have certainly succeeded in killing off a string of global mega-projects in deep waters. Investment in upstream exploration from 2014 to 2020 will be $1.8 trillion less than previously assumed, according to consultants IHS. But this is a bitter victory at best.

America’s hydrau…