link to truth-out.org
In three out of seven major fracking fields in North America, companies are already reporting losses, with closures particularly acute in Canada. It's not clear whether economists fully appreciate what's about to transpire. This decline in rig count is just the beginning. Perhaps the end will come as early as this winter or spring, as fiscal reports for 2014's fourth quarter are published, operations shut down, crews are laid off, and many unprofitable oil and gas rigs are mothballed.
So, whom will the banks, brokers and investors scapegoat for this upcoming crash? Some predict that they will likely use every available media outlet to blame community activists, Democrats and Obama for stopping the Keystone pipeline and for opposing the fracking industry. And as in the climate change denier movement, the narrative will probably use "communist" and "socialist" rhetoric, which is why the Russian card is so important to play: Hence the Higgins article.
The pundits on Fox will likely play on the patriotism of the right and use their Big Lie ploy (say something enough times, it becomes the truth) to the hilt. Six months from now, while studiously avoiding mention of our "allies," the Saudis, or the Wall Street banks, they will likely be vociferously defending those poor "beleaguered US oilmen" who could have made our country strong and independent again in energy, but were broken by the Democrats and those "commie environmentalists" working for Putin. The market crash will be blamed on the "climate hoax."