In a country that never tires of hearing itself described as “a nation of innovators,” the idea that one such innovation — the shale oil boom — has galvanized the world’s most powerful cartel, OPEC, to launch a campaign to snuff it out has obvious appeal.
But like most Hollywood notions of reality, however, this one is too good to be true.
Despite repetition in countless media accounts and analysts’ notes over the past few weeks, though, the idea of a “sheikhs vs. shale” battle to control global oil supplies has precious little evidence behind it. The Saudi-led decision to keep OPEC’s …read more
Source: Foreign Policy
