It’ll hurt the US also. Oil/gas is about the only positive in the economy. If oil drops to a certain level, drilling here in the Bakken will cease, I’m afraid.
I hear our break even is $67 a barrel.
You are correct. Even though technological advances have reduced the cost of fracking, domestic oil producers need a stable price around $80-$90 per barrel to make a profit. Anything below that and production will fall. And the price will go back up. And so will production...
No need to be afraid it will stop if prices fall to a certain level. After 40 years of being in the oil business I can assure you that it will stop almost dead in its tracks.
should NEVER happen...there are gov't subsidies for such nonsense as ethanol and biofuels....drop them immediately and shore up support for oil production in this country...the quicker we can drop the screwball arab countries as suppliers of our energy, the better.....at almost any cost!!!