U.S. company abandons fracking project in Romania

The worst side of fracking is the operation results in poisoning the groundwater permanently. Chevon would not be abandoning this project unless it’s unprofitable. Considering that world oil prices are in the low $50 dollar mark and Chevron need anywhere between $70 and $80 per barrel to start making a profit. The same high costs apply to extraction of gas.

Even if there were shale gas and oil in Romania, at current market prices extracting it would be too expensive.

...and in the meantime Gazprom is selling his gas at a record discount without asking for long term agreement...

...and in the meantime Gazprom is selling his gas at a record discount without asking for long term agreement...

Even if there were shale gas and oil in Romania, at current market prices extracting it would be too expensive.

The worst side of fracking is the operation results in poisoning the groundwater permanently. Chevon would not be abandoning this project unless it’s unprofitable. Considering that world oil prices are in the low $50 dollar mark and Chevron need anywhere between $70 and $80 per barrel to start making a profit. The same high costs apply to extraction of gas.