what if cheap oil prices make fracking unprofitable. I don’t know enough about the oil business to know what it costs per barrel to pull a barrel of oil out of the Bakken.
Then the fracking businesses wait until the next time the price of oil goes up. That’s the nature of the oil business (and business in general), there are reserves that aren’t profitable to exploit if the price is below X, so when it is they don’t.
Rigs will go dormant until prices make the drilling profitable. However we are not at that point. Not even close.
People are already losing jobs. It won’t affect me in electrical, but surveyors and other oil specific trades are all feeling it. The economic hit from that is far greater than a few bucks saved.
The oil business is cyclical. Exploration will continue in the most promising areas.
When (not if) prices rebound, exploration will pick up.
The market at work...it's a beautiful thing.
I know enough to know that the oil business is boom and bust....lots of folks are gonna lose their jobs ...lots of businesses will fail
It costs Millions of $ to drill.
Some where in the future prices will go up again
The oil’s still there to grab once prices come back up. It’s all supply and demand, unless government comes in, and high prices cure themselves.