[ROCKLOBSTER]

Well, then maybe we need some “inexplicable” explosions in the oil fields of Isistan and the land of the Soddomite Kings.

Kill two birds with one stone.

[bestintxas]

Likely a gentle slope down rather than anything dramatic.

Operators are concentrating only on those areas considered core in which $50 oil remains attractive, and suppliers are dong everything in their power to keep their equipment busy as they ride out this dip.

[lacrew]

“have stores of crude locked away in 914 wells that have been drilled but not turned on...”

So much for ‘peak oil’.

[Svartalfiar]

From 1986 until about 2005, oil prices were under $50, average about $30. (Barrels crude.) I don't understand how oil producers are having so many issues now. Yes, fracking is more expensive and less productive, but for several of the companies to state they need oil at $70-80/bbl to be viable, That's a huge increase in costs, way more than it should be..?

http://www.macrotrends.net/1369/crude-oil-price-history-chart