AMTV host, Christopher Greene explains how since 2008, the US has increased oil production by an astounding 50%, made possible by hydraulic, horizontal drilling known as fracking, making the US the worlds number one producer of natural gas and doubling oil production in the States of Texas and Oklahoma, in just six years. Back in 2008-2009, the price of oil was $200 per barrel. Lately, its been trading at barely $70 per barrel and forecasted to go as low as $30-$40, before stabilizing at $60. This is disastrous for the Russian and Iranian economies, which are almost exclusively dependent on petroleum sales to run their economies. The Russian Ruble has lost 60% of its value compared to the US dollar over the past year, due to the slide in the price of oil, compounded by the US-NATO economic sanctions. A similar currency crash has occurred with the Iranian Rial. As a result of these economic sanctions and depressed oil prices, industrial output in Russia is down, inflations is edging into the double-digits, which amounts to economic warfare - which is commonly seen before physical war... and theres more...https://youtube/watch?v=F-6l9Ne6PZU
Posted on: Tue, 16 Dec 2014 05:37:47 +0000
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