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OPEC vs Shale

This picture is almost correct explanation for today's (29-November-2014) three years low oil prize i.e 72$ from 115$.
OPEC (Organization of the Petroleum Exporting Countries) is group of Oil producing countries and logically they includes Arab countries and some African countries. OPEC provides forum to oil producing countries to lower/increase oil production and oil prizes.In seventies it had dominance of foreign oil companies but later God given sense to Oil  producing countries government and now they have dominance(just to say). Though OPEC decides oil prizes and extraction , but it's acceptance depends on will of it's members.
               Now you will understand that in Seventies Oil Crisis had happened because OPEC countries had put oil supply limited in practical term it is called embargo.So all oil consuming countries mainly US at that time (now position is replaced by India,china) stumbled for oil and their economy had collapsed.In simple term their economy had almost paused.So from that day US decided that their policies should be designed so that to reduce oil dependency and they had put money from oil alternative research and they found shale gas. Now US uses 20% shale gas and they have target up to 80% in 2015 and complete oil independent in 2050.
            Now you understood  complete background (I hope!). Now look at picture and you will understand complete picture and its relevance to today's low Oil prize situation. Frankly , I took this picture from Economic Times.

So you may ask question why are we paying same prize on petrol in India though it is deregulated?
           Yes , international petrol prize has reduced and our (Indian) government also made petrol deregulated means its prizes are linked to market prize and government has no control over petrol prizing.
          But yet we are paying almost same rupee for petrol because government increased excise tax on petrol. Government made statement when increasing excise duty that this increase is to cover earlier subsidy gap. But in economic sense this increase is good for us.
          If we get low price petrol , we will opt other alternatives and we may increase dependency on petrol and off-course it is not good for economy and environment. It will put us in crisis in future when again oil gains its prize.


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