Tech Breakthrough Could Transform The Oil Sectorbrian wang | November 28, 2017 |
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As Saudi Arabia spins from crisis to crisis, U.S. oil hasn’t missed a beat. It’s stronger and more resilient than ever– and it has nothing to do with OPEC oil production cuts.
In this war, U.S. oil wins, and the recent purge of billionaire princes in Saudi Arabia is icing on the cake.
But when Saudi Crown Prince Mohammad bin Salman arrested key members of the royal family on corruption charges two weeks ago all of them his rivals– oil shot up. West Texas Intermediate (WTI) spiked more than $2 a barrel, closing around $57 a barrel—a nearly two-
year high.
OPEC cuts have done little to boost oil prices, and Royal Family arrests are welcome news for oil tycoons the world over, but it’s still not what’s kept the U.S. on the winning side in this war:
Fracking bust the U.S. through the front line, and major advancements in enhanced oil recovery (EOR) are cementing the victory.
This is a sophisticated technology story, and one little-known company might just tell it best because it’s sitting on the first-ever technology which has the ability to produce oil from massively untapped U.S. oil sands plays, with price targets for production at around $22 a barrel.
The company is Petroteq Energy Inc. (TSX:PQE.V; OTCQX:PQEFF), and it’s all about American oil for America. But it’s not just about market-defying prices … It’s about a tech breakthrough that renders dirty oil sands production process clean—for the first time.
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