Saudi Aramco CEO Armin Nasser said he isn’t at all worried about American frackers, since they are only going after easily accessible oil, but Big Oil has figured out how to be profitable in today’s oil market.

Economists predict that electric vehicles will be competitive with gasoline-powered cars in seven years, and this could drive oil prices down to $10 per barrel.

The latest estimate from API, the energy trade group, is that increased exports of liquefied natural gas over the next 20 years will add nearly 500,000 jobs to the American economy and $73 billion to the country’s gross domestic product.

Despite OPEC's efforts to raise oil prices by cutting production, crude-oil prices are expected to remain under $60 a barrel for at least the next year.

The message from OPEC about American oil producers is clear: "If we can't beat 'em, let's join 'em. Or, better still, let's invite them to join us!"

 

 

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