Correct. The accessible cheap oil is mostly gone worldwide.
I would dare to say that tight oil will come down in price to explore, drill, and produce to compete with conventional oil in the next 5 to 10 years.
You mean to compete with oil sources that are no longer found? I don't understand you message.
If you mean to say tight formations like Bakken and the Eagle Ford are going to be drilling at today's rate down at $20 a barrel, I would say you are insane; although I hate to make predictions. We have already had significant lowering of the cost and gains in inefficiencies. That is why our US production has climbed so fast.
This downturn in the oil boom will force this oil companies and those support companies to adapt, innovate to become better at what they do and do it cheaper or go out of bussiness.
I say it is a mistake to assume that doesn't happen at $100 a barrel. Actually at the higher prices, there is more dollars available to justify research and development, less when the price falls.
I meant conventional oil when it was the main stay years long past vs tight oil.
Yes I should have clarified what I meant.
Here is a good question ? Before all the conventional oil was tapped vs tight oil, which one was, or is the larger supply under ground world wide ? Which one was in larger formations ?
Yes, no one knows the future except God him self and it’s foolishly rash to dare to predict the future, it’s my hopes of a brighter ecomonic future for America that gets the best of me, however ? I rather be called insane and be corrected for that and perhaps that future hopes turn out to be true ? Then us being in a constant state of malaise with no hope at all.
I still believe with God’s blessings and with American innovation, ingenuity, and perhaps miracles of what I said
Will happen in the next 5 to 10 years with America”s oil boom revolution self substaining. One can only hope so.