Thread: Oil price
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Old 04-23-2020, 04:36 PM
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The whole thing the Russians and Saudis did was to force the US shale oil business out of business. That has happened. They need a relatively high price per barrell to be profitable over the cost of extraction. That is no longer the case. Most of the oil we produced that changed us from importer to exporter was shale oil. Now we will be an importer again, and the price of gas will be at the whim of the outside conglomerates. It can switch but shale oil production will take some time and stability to wind up again.
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