According to A E-P in The Telegraph, those 'good ol' boys down Texas way' are at it again. 'Ahab the Arab' tried flooding the market with oil/gas in order to drive down the price and put those pesky Texans with their cheap-as-sand shale gas out of business but, alas, American technology came to the rescue and those 'cowboys' simply produced the stuff even cheaper!
Now, 'Ahab the Arab' plus his partner in crime good friend, 'Vlad the Impaler', have done their very best to cut oil/gas production in order to drive up the price. As a perfect example of the truth in 'ur wee Rabbie's' famous poem, “The best laid schemes o' mice an' men / Gang aft a-gley”, the 'good ol' boys of Texas' kept on innovating so that now their oil and gas is even cheaper and they have now discovered that there are zillions and squillions more of it than had ever been thought possible.
The Opec oil cartel is waking up to an unpleasant surprise. Shale output from the Permian Basin in Texas is expanding faster than the world thought humanly possible.
The scale threatens to neutralise output cuts agreed by Saudi Arabia and a Russian-led bloc last November, and ultimately threatens to break their strategic lockhold on the global crude market for a generation.
"People just don't seem to realise how big the Permian is. It will eventually pass the Ghawar field in Saudi Arabia, and that is the biggest in the world," said Scott Sheffield, founder of Pioneer Natural Resources and acclaimed 'King of the Permian'.
What can one say to our Saudi and Russian, er, friends, except possibly "Oh-dear-what-a-pity-never-mind!'? And by the way, memo to 'St. Theresa of May' - must remember to be awfully nice to that 'good ol' boy' in the White House even if he grabs you by the, er, you know what!