With oil under $80.00 per barrel, they can seriously screw the US fracking industry because every barrel that's fracked at these prices is a big money loser for US oil companies. At some point, they'll have to shut it down because this isn't sustainable.
Most fracking is done to extract the Natural Gas.
The oil itself is a "by-product", and not really the reason for drilling and fracking
Claiming the market is "false" is, well, FALSE
There are areas of oil in the fracking zones (like the Eagle Ford), and there are areas of oil.
Gas prices are very low due to a glut of gas on the market now from all the wells. Little to no exportation of gas takes place because of the problem of compressing it for export.
What you are saying about oil being a by-product of gas production is exactly 180 degrees off.
There is lots of gas being produced as a by-product of oil exploration. Oil is the bread winner and money maker on the world market. Not gas. Gas is only used and consumed here. They are making progress in methods and infrastructure to export gas, but for now, there's a glut on the market.
