North Carolina’s plans for offshore energy exploration are likely to face delays linked to an “oil price war” led by Saudi Arabia. That’s the assessment of a New Mexico-based energy expert who once consulted for one of the major oil companies.
Daniel Fine, associate director of the New Mexico Center for Energy Policy and project leader for a group developing a state energy policy for New Mexico, is also a former consultant to Chevron.
Fine outlined details of Saudi Arabia’s recent oil pricing decisions during a presentation Thursday to the John Locke Foundation’s Shaftesbury Society. The Saudis decided in 2014 to end a longstanding policy of propping up oil prices, directly targeting American shale drilling operations that depend on higher prices, Fine said.
In the video clip below, Fine explains how the shift in Saudi policy could affect North Carolina’s prospects for energy exploration.
Click here to watch the full 55:08 presentation.