The Russian ruble has lost half hits value this year (that\’s not figurative, folks – down 49%).
The reason? Fracking You know, hydraulic fracturing, better known as fracking: which is being done in spite of Barack Obama and most of his fellow Democrats\’ opposition to it (though you can bet they\’ll try taking credit for the benefits it is providing).
Because hydraulic fracturing has created such a glut of energy resources, the price of oil has plummeted from $108 a barrel just months ago to about $60 now — with the momentum still strongly downward. Since Russia energy is far and away Russia\’s predominant export, this has decimated its currency and its economy.
Suddenly Putin doesn\’t look so hot anymore, does he?
Suddenly it is not so easy for him to try and take back the former USSR empire, is it?
And, domestically, gas prices are down dramatically, which means more money in consumers\’ pockets.
There are good reasons to be against fracking, and good reasons to be for it.
Call me a cockeyed optimist, but I think I\’ve just enumerated some of the good reasons.
