Oil at $40 Will Hurt a Lot of Countries: Larry

The video discusses the significant impact of fracking on US oil production, nearly doubling output in recent years. It highlights health concerns and state policies, particularly New York's stance against fracking. The discussion shifts to OPEC's strategy, focusing on China as a key consumer, and the potential for oil prices to rise again. Speculation on oil prices and their global impact, including effects on countries like Venezuela and Nigeria, is explored. Finally, the geopolitical implications of oil prices, especially concerning Russia and Cuba, are examined.

What has been the impact of fracking on US oil production in recent years?

• It has nearly doubled production.

• It has slightly increased production.

• It has decreased production significantly.

• It has had no impact on production.

Why is New York State hesitant to lift the moratorium on fracking?

• Due to economic concerns.

• Due to health and safety concerns.

• Due to political pressure.

• Due to environmental benefits.

What is OPEC's current strategic focus in the global oil market?

• To focus on the US market.

• To prioritize China as a key consumer.

• To increase oil prices to $100.

• To reduce oil production.

What is the predicted 'new normal' for oil prices according to the discussion?

• $60 per barrel

• $40 per barrel

• $100 per barrel

• $80-$90 per barrel

How might the lifting of US sanctions on Cuba affect the oil market?

• It will have no impact on the oil market.

• It will decrease US oil production.

• It will shift economic ties away from Venezuela and Russia.

• It will increase oil prices globally.