CrisisWatch

People’s protests and falling oil & gas prices drive fracking out of Romania

The Romanian Government’s oil & gas fever will likely cool down after Chevron’s announcement that it intends to terminate its operations in the country. Following widespread protests and triggered by the falling prices and unsatisfactory exploration results, the US based energy giant

Following a recent announcement by Chevron about its decision to quit shale-exploration in Poland “[t]hat leaves Romania, where we are in the process of relinquishing our concession interests,” a Chevron spokesman told the Wall Street Journal.

Since the wake of the economic crisis, cash strapped states promote oil and gas as the spearhead of their economic recovery strategies. Romania has invested great political hopes in gas and gold extraction, prospects that have caused angry reactions and protests at both the local and the national level.

Read more: The Wall Street Journal

 

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