Also, previously US fracking worked as a threat for OPEC: if the price stays high for long enough, fracking will start and continue producing even when prices fall. So, OPEC had to keep prices below the limit viable for frackers and the limit was gradually decreasing due to increasing efficiency of fracking.
Right now apparently fracking industry in weakened and is afraid to invest. Most recent “helpful” move from President – EPA discovered that fracking affects ozone and might soon close most productive fracking areas based on ozone measurements. EPA dept head is apparently a guy who was in charge of developed a plan on accelerating transition from oil under Obama, so ozone is just a means to that (according to WSJ 2 week ago).
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