Quote:
Originally Posted by trollbait
Unfortunately for the US, these prices are hurting shale oil production, and tar sands in Canada. Which is the point of OPEC keeping production high. It hurts us along with Iran and Russia, but it hits US producers before they can start getting the shale oil product to the world market.
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Considering how the process of extracting oil from the shale is still relatively new, a slow down now in production might be a win in the long run. It'll give the industry a chance to improve the techniques so environmental concerns don't derail long term prospects.
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