U.S. SHALE INDUSTRY SAVED THE WORLD 

OPEC is a trade association, not a cartel. 

from ZeroHedge . . . .

Venezuela is broke, so is Nigeria.  They cannot stand this price for oil.  Who is saying everything about the price of oil?  Saudi Arabia.  They can only produce 10 million barrels a day.  They say they can produce 2 or 3 million more.  Pickens doesn't believe that.  The world needed the US oil production. The world peaked in 2005.  Where would the world be today had the U.S. not expanded its oil production through fracking?  The American shale industry saved the world from "Peak Oil."

Check out the rig count. American shale is currently the cheapest oil in the world.  Pickens points out that it is unbelievable how fast the United States can get in and get of an oil opportunity.

Wenzel points out that the oil rig count has declined significantly in the last year . . . .

As the Oil Rig Count Begins to Decline

Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon central time on the last day of the work week. The international rig count is released on the fifth working day of each month.

Falling oil prices will put tremendous on this count. Texas oil billionaire Boone Pickens was on CNBC this morning stating that he believes the US oil rig count will drop by 500, in coming months.

Rig Count Overview & Summary Count

Area	Last Count	Count	Change from Prior Count	Date of Prior Count	Change from Last Year	Date of Last Year's Count
U.S.	19 December 2014	1875	-18	12 December 2014	+107	19 December 2013
Canada	19 December 2014	391	-40	12 December 2014	-7	19 December 2013
International	November 2014	1324	+16	October 2014	+13	November

UPDATE 12/27/2014
After effects from the drop in oil rigs: Layoffs.  Russia Today has the story.