Bethany McLean discusses her new book which you can purchase here: https://www.strandbooks.com/product/s… The technology of fracking in shale rock — particularly in the Permian Basin in Texas — has transformed America into the world’s top producer of both oil and natural gas. The U.S. is expected to be “energy independent” and a “net exporter” in less than a decade, a move that will upend global politics, destabilize Saudi Arabia, crush Russia’s chokehold over Europe, and finally bolster American power again. Or Will it?
Investigative journalist and bestselling author Bethany McLean digs deep into the cycles of boom and bust that has plagued the American oil industry for the past decade, from the financial wizardry and mysterious death of fracking pioneer Aubrey McClendon, to the speculators who are betting on America’s ascendance and the collapse of OPEC in the great game of geopolitics. McLean finds that fracking is a business built on attracting ever-more gigantic amounts of capital investment, while promises of huge returns have often not borne out. Overeagerness in partaking in a boom can lead to all types of problems and just as she did with the Enron story, in Saudi America McLean points out the reality and the risks of the inflated promises of the fracking boom.
The United States is predicted to become a net energy exporter by 2020. This will be the first time since 1953 that the country exports more fossil fuels than it imports. For almost a century prior, the United States of America was the largest oil producer in the world. So how did the United States get hooked on foreign oil.
Every American president since Richard Nixon has pledged energy independence as a way to strengthen us geopolitically, make us more secure, or boost our economy.
The story of American oil begins in 1859 in Titusville, Pennsylvania. Small amounts of oil had seeped from the ground for a long time, but no one knew how to extract it. Until, Edwin Laurentin Drake, a former conductor, was hired. After many failed attempts, he finally struck gold — black gold.
The next FEW decades, major oil finds in Texas, California and Oklahoma contributed to U.S. emergence as a major economic power. The 1901 Spindletop gusher in Texas nearly tripled U.S. oil production.
Henry Ford’s Model T invention in 1908 – the first mass-produced car – made America the most motorized country in the world. Other industrialized countries like France, Britain and Germany were ways behind.
Hasan Minhaj tackles the reality of Saudi Crown Prince Mohammad bin Salman’s autocratic rule and, as a Muslim and an American, breaks down why the world should reassess its relationship with Saudi Arabia.
Iran accused officials in the Trump administration and its Middle East allies of attempting to frame it for an attack on oil tankers near a strategic Persian Gulf waterway.
Iranian Foreign Minister Javad Zarif on Tuesday said “some radical individuals inside the U.S. administration and the region” were pursuing “dangerous policies” in an attempt to pull the Americans into a military conflict with Iran.
“We had predicted that some would want to escalate tension in the region by some actions,” Mr. Zarif said in New Delhi after a meeting with his Indian counterpart Sushma Swaraj.
.. “Spreading “fake intelligence” should alert everybody to what we call the B-team’s mal-intentions toward the region and the stability of the Persian Gulf,” Mr. Miryousefi said.
Iranian officials often use the term “B-team” for a quartet of people they say are trying to stoke conflict with Iran: White House Security Adviser
- John Bolton, Israeli Prime Minister
- Benjamin Netanyahu, Saudi Crown Prince
- Mohammed bin Salman and Emirati Crown Prince
- Mohammed bin Zayed.
The White House has yet to directly blame Iran for the attack, but President Trump said Monday that, “If [the Iranians] do anything, they will suffer greatly.”
.. While Tehran has lashed out against the Trump administration for ditching the accord, it also spent weeks trying to de-escalate tensions by staying in the deal along with the other parties.
Even some U.S. officials acknowledge a reluctance from Iran to ratchet up tensions. In late April, one week after Washington said it would not renew waivers to Iran’s oil customers. A U.S. official said its military intelligence showed that the Iranian Navy had not changed its behavior in the Persian Gulf despite threats to close down the strait if Tehran itself was unable to use it.
Meanwhile, Iranian officials such as Mr. Zarif have warned that some officials in the U.S., alongside Saudi Arabia and Israel, might try to lure Iran into a military confrontation.
“There are worries about suspicious actions and sabotages in the region, and we have predicted them before,” Mr. Zarif said. He has previously said he doesn’t believe President Trump wants a war with Iran.
.. Saudi Arabia halted pumping on a major oil pipeline after two pipeline boosters were attacked by drones, the kingdom’s energy minister Khalid al-Falih said in a statement.
.. Saudi and U.S. officials accuse Iran of providing the Houthis with training and designs to build their drones. Tehran denies the charges.
.. The U.S. ambassador to Saudi Arabia, meanwhile, appeared to temper tensions after the attacks on the tankers.
“We need to do a thorough investigation to understand what happened, why it happened, and then come up with reasonable responses short of war,” Ambassador John Abizaid told reporters in the Saudi capital Riyadh on Monday.
“It’s not in (Iran’s) interest, it’s not in our interest, it’s not in Saudi Arabia’s interest to have a conflict,” he said.