Tully, A. 2014, November 19). By Buying Baker Hughes, Halliburton Aims To Dominate US Fracking. Retrieved on November 23, 2014 from http://www.nasdaq.com/article/by-buying-baker-hughes-halliburton-aims-to-dominate-us-fracking-cm415296.
The price of crude oil has been recently declining while the cost of extracting it had been rising. This prompted Halliburton to purchase Baker Hughes for about thirty five billion dollars. With this purchase Halliburton is now the leading company in hydraulic fracturing in North America, and has surpassed Schlumberger Ltd. This transaction also gave Halliburton access to more drills and chemicals, which the company was in great need of.
America is in the beginning stages of moving away from reliance on oil and natural gasses for energy. Many companies are realizing this and taking themselves out of the markets, or selling, like Baker Hughes did, before it is too late. The oil industry, like many other industries in America, has become a monopoly with only a few very powerful countries at the top.
This article was quite interesting because it shows how America is attempting to rid itself of oil dependence not only from other nations but from the resource as a whole. However, what will be some economical issues resulting from this deviation?