No doubt there will be slow down at these prices.
I think some of that will be driven by fear of how low it will go before price recovery and how long.
My suspicion is a slow crawl upward after Jan 1.
$100+/BBL will be a long-time coming but we may see $80/BBL by mid-2015 (note, I said “may see”).
Much of this current correction appears to be the result of the House of Saud attempting to collapse the Iranian regime (who can deliver the Saudis a nuke by tractor trailer any day).
Currently, the prospect of crude-based frac’ing in the PB may be getting some extra “on-the-shelf-space” with NatGas production. Just not economically viable. Will NatGas prices move in the opposite direction? Maybe but not until the end of the storage-draw season when hedge-groups start their pricing wars.
The greenies will be happy with reduced frac’ing; they won’t have to torture science to believe major earthquakes are of human origin.