Exactly, and even at this low price point US shale is nonetheless making billions on sheer volume. Additionally, instead of sending trillions of US dollars overseas to import energy, foreign money is now flowing into the US to buy our gas and oil. It's our turn at the trough.techno-ag said:
https://www.wsj.com/articles/effort-to-crush-shale-producers-only-made-them-stronger-1497027600Quote:
Surging productivity in America's shale oil patch is an indirect result of pressure applied in recent years by OPEC and may have permanently lowered oil prices.
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While the recent decline in crude prices to near multi-month lows is costlier to the bottom lines of still high-cost shale producers than the Saudis, the productivity genie can't be put back into the bottle. It has put a permanent dent in long-term oil prices, costing traditional exporters tens of billions of dollars in future revenue.