On the day after gasoline shot up to $4.25 a gallon in Indiana, this is heartening news:
Petrotyrants: If there was any doubt the U.S. shale revolution is breaking the dominance of unsavory energy producers on global oil supplies, look no further than last week's OPEC meeting, where the alarm bells were going off.
At Friday's Organization of Petroleum Exporting Countries meeting in Vienna, the mask of non-chalance about America's new fracking energy boom came off.
After years of dismissing U.S. energy production as insignificant and expensive, OPEC suddenly said it would "study" the growth in hydraulic fracturing and horizontal drilling, a deceptively bland response to the biggest challenge the cartel has ever faced on its monopoly.
The statement concealed the anything-but-tranquil tone of the meeting, in which members were attacking each other and warning of a split.
According to the story, fracking has made U.S. oil production skyrocket 3o percent in just the last year, and it's expected to grow another 21 percent in the next five years. OK, everybody, say it with me: Hey, Saudi Arabie, frack you!
