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29/09/2018

What do OPEC countries have in common?

What do OPEC countries have in common?

Because its member countries hold the vast majority of crude oil reserves (79.4%, according to the OPEC website), the organization has considerable power in these markets. 15 As a cartel, OPEC members have a strong incentive to keep oil prices as high as possible while maintaining their shares of the global market.

What is the main purpose of OPEC?

OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

How does fracking benefit us?

One of the biggest ways that fracking helps to benefit the economy is through job creation. Fracking has made it possible for millions of Americans to find a job with a decent wage. Fracking has already helped to create more than 2.1 million jobs, and by 2035, that number is expected to soar to 3.5 million

What are the positives and negatives of fracking?

Fracking Pros and Cons

  • Access to more gas and oil reserves. Accessing oil and gas from shale, though still finite, helps mitigate the exhaustion of oil and gas resources from conventional extraction methods.
  • Self-sufficiency.
  • Reduced coal production.
  • Jobs creation.
  • Energy security.
  • Reduced water intensity compared to coal.

What’s bad about fracking?

Hydraulic fracturing, or “fracking,” is revolutionizing oil and gas drilling across the country. However, without rigorous safety regulations, it can poison groundwater, pollute surface water, impair wild landscapes, and threaten wildlife.

What are the dangers of fracking?

Risks and Concerns of Fracking

  • Contamination of groundwater.
  • Methane pollution and its impact on climate change.
  • Air pollution impacts.
  • Exposure to toxic chemicals.
  • Blowouts due to gas explosion.
  • Waste disposal.
  • Large volume water use in water-deficient regions.
  • Fracking-induced earthquakes.