Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

OPEC Decision Likely to Crash U.S. Fracking Industry

Energy
OPEC Decision Likely to Crash U.S. Fracking Industry

At its meeting today in Vienna, Austria, the 12 member countries of the Organization of Petroleum Exporting Countries (OPEC) voted to keep their output target unchanged despite a 30 percent slump in the oil price since June, due primarily to the explosive growth in fracking in the U.S. as well as decreasing global demand. While Venezuela made a case for an output reduction, Saudi Arabia, the world's leading oil producer and exporter, pressured to keep it the same.

Despite a slump in worldwide oil prices due mainly to fracking in the U.S., oil-producing nations left their output targets unchanged.

The price immediately declined in response, dropping below $72 a barrel, a price last seen in August 2010.

"There's a price decline. That does not mean that we should really rush and do something," OPEC secretary general Abdallah Salem el-Badri told the BBC. "We don't want to panic. We want to see the market, how the market behaves, because the decline of the price does not reflect a fundamental change."

Russian oil baron Leonid Fedun of OAO Lukoil, the second largest oil producer in Russia, pointed out that the low price of oil will probably lead to a crash in the fracking sector by making drilling for new, constantly less accessible shale oil sources more unprofitable, as the most easily fracked shale formations get tapped out first. And as oil prices drop, fracked oil from shale becomes unprofitable to produce.

“In 2016, when OPEC completes this objective of cleaning up the American marginal market, the oil price will start growing again,” Fedun told Bloomberg News. “The shale boom is on a par with the dot-com boom. The strong players will remain, the weak ones will vanish.”

The Russian oil sector is less vulnerable than the U.S. sector, due to lower costs and the slide in the ruble that lessens the impact of falling prices in local currency terms, Fedun said, even though output there is likely to fall next year as well.

“The major strike is against the American market,” Fedun said.

YOU MIGHT ALSO LIKE

10 Things You Need to Know About Oil Prices

International Energy Agency: The Party’s Over

Future Investments in Fossil Fuels Look Dim

Sustainable t-shirts by Allbirds are made from a new, low-carbon material that uses a mineral extract from discarded snow crab shells. Jerry Buttles / Allbirds

In the age of consumption, sustainability innovations can help shift cultural habits and protect dwindling natural resources. Improvements in source materials, product durability and end-of-life disposal procedures can create consumer products that are better for the Earth throughout their lifecycles. Three recent advancements hope to make a difference.

Read More Show Less

EcoWatch Daily Newsletter

A net-casting ogre-faced spider. CBG Photography Group, Centre for Biodiversity Genomics / CC BY-SA 3.0

Just in time for Halloween, scientists at Cornell University have published some frightening research, especially if you're an insect!

The ghoulishly named ogre-faced spider can "hear" with its legs and use that ability to catch insects flying behind it, the study published in Current Biology Thursday concluded.

"Spiders are sensitive to airborne sound," Cornell professor emeritus Dr. Charles Walcott, who was not involved with the study, told the Cornell Chronicle. "That's the big message really."

The net-casting, ogre-faced spider (Deinopis spinosa) has a unique hunting strategy, as study coauthor Cornell University postdoctoral researcher Jay Stafstrom explained in a video.

They hunt only at night using a special kind of web: an A-shaped frame made from non-sticky silk that supports a fuzzy rectangle that they hold with their front forelegs and use to trap prey.

They do this in two ways. In a maneuver called a "forward strike," they pounce down on prey moving beneath them on the ground. This is enabled by their large eyes — the biggest of any spider. These eyes give them 2,000 times the night vision that we have, Science explained.

But the spiders can also perform a move called the "backward strike," Stafstrom explained, in which they reach their legs behind them and catch insects flying through the air.

"So here comes a flying bug and somehow the spider gets information on the sound direction and its distance. The spiders time the 200-millisecond leap if the fly is within its capture zone – much like an over-the-shoulder catch. The spider gets its prey. They're accurate," coauthor Ronald Hoy, the D & D Joslovitz Merksamer Professor in the Department of Neurobiology and Behavior in the College of Arts and Sciences, told the Cornell Chronicle.

What the researchers wanted to understand was how the spiders could tell what was moving behind them when they have no ears.

It isn't a question of peripheral vision. In a 2016 study, the same team blindfolded the spiders and sent them out to hunt, Science explained. This prevented the spiders from making their forward strikes, but they were still able to catch prey using the backwards strike. The researchers thought the spiders were "hearing" their prey with the sensors on the tips of their legs. All spiders have these sensors, but scientists had previously thought they were only able to detect vibrations through surfaces, not sounds in the air.

To test how well the ogre-faced spiders could actually hear, the researchers conducted a two-part experiment.

First, they inserted electrodes into removed spider legs and into the brains of intact spiders. They put the spiders and the legs into a vibration-proof booth and played sounds from two meters (approximately 6.5 feet) away. The spiders and the legs responded to sounds from 100 hertz to 10,000 hertz.

Next, they played the five sounds that had triggered the biggest response to 25 spiders in the wild and 51 spiders in the lab. More than half the spiders did the "backward strike" move when they heard sounds that have a lower frequency similar to insect wing beats. When the higher frequency sounds were played, the spiders did not move. This suggests the higher frequencies may mimic the sounds of predators like birds.

University of Cincinnati spider behavioral ecologist George Uetz told Science that the results were a "surprise" that indicated science has much to learn about spiders as a whole. Because all spiders have these receptors on their legs, it is possible that all spiders can hear. This theory was first put forward by Walcott 60 years ago, but was dismissed at the time, according to the Cornell Chronicle. But studies of other spiders have turned up further evidence since. A 2016 study found that a kind of jumping spider can pick up sonic vibrations in the air.

"We don't know diddly about spiders," Uetz told Science. "They are much more complex than people ever thought they were."

Learning more provides scientists with an opportunity to study their sensory abilities in order to improve technology like bio-sensors, directional microphones and visual processing algorithms, Stafstrom told CNN.

Hoy agreed.

"The point is any understudied, underappreciated group has fascinating lives, even a yucky spider, and we can learn something from it," he told CNN.

Trending

There are many different CBD oil brands in today's market. But, figuring out which brand is the best and which brand has the strongest oil might feel challenging and confusing. Our simple guide to the strongest CBD oils will point you in the right direction.

Read More Show Less
Financial institutions in New York state will now have to consider the climate-related risks of their planning strategies. Ramy Majouji / WikiMedia Commons

By Brett Wilkins

Regulators in New York state announced Thursday that banks and other financial services companies are expected to plan and prepare for risks posed by the climate crisis.

Read More Show Less
The left image shows the OSIRIS-REx collector head hovering over the Sample Return Capsule (SRC) after the Touch-And-Go Sample Acquisition Mechanism arm moved it into the proper position for capture. The right image shows the collector head secured onto the capture ring in the SRC. NASA / Goddard / University of Arizona / Lockheed Martin

A NASA spacecraft has successfully collected a sample from the Bennu asteroid more than 200 million miles away from Earth. The samples were safely stored and will be preserved for scientists to study after the spacecraft drops them over the Utah desert in 2023, according to the Associated Press (AP).

Read More Show Less

Support Ecowatch