Guar gum pricing is about $7,000/ton, down from $27,000/ton back in May this year.
Also, India normally sells 60% of its Guar to the oil industry and 40% to the food industry. But this year, the food industry has only bought 20% because of the high prices.
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US oil drilling and food companies are turning to Guar gum alternatives. Our company has Guar gum alternatives: for both industrial (oil drilling industry, hydroseeding, carpet dying, leather tanning, explosives, cat litter) and food (bread, ice cream, yogurt, salad dressing, juices, wet pet food). Contact us today for more information.
This summer, the energy giant will begin exploring off the icy coast of Alaska after years of resistance by environmentalists. The payoff could be the largest US offshore oil discovery in a generation.
Oil companies began exploring Southern Kansas over a year ago, seeing enormous potential in the area now that new technologies like horizontal drilling and fracking have made it possible to tap into the oil-rich Mississippian Limestone formation. Thousands of jobs are coming to the area too.
India has a global monopoly, meeting 80% of world demand even with harvests that have never exceeded 1.5 million tonnes. Currently, production is down 20% while demand from oil industry is up 84%. This imbalance has triggered unusual greed and panic.
“An Iranian disruption of oil supplies could send oil prices to $200 a barrel,” said Lynn Reaser, chief economist at the Fermanian Business & Economic Institute.
“The best way to alleviate the problem of natural gas oversupply in North America is to increase its export. The most economical way to export natural gas is to liquefy it (LNG)”
“It would be enormously profitable for North American E&P companies since gas trades in the US at $2.50 per million BTUs, in Europe at $9, and in some places within Asia at up to $16.”