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Shale Boom Tested Sub-$90 Oil Threatens U.S. Drillers
2014-10-08 06:00:00| Climate Ark Climate Change & Global Warming Newsfeed
Bloomberg: The U.S. shale boom is producing record amounts of new oil as demand weakens, pushing prices down toward levels that threaten to reduce future drilling. Domestic fields will add an unprecedented 1.1 million barrels a day of output this year and another 963,000 in 2015, raising production to the most since 1970, according to the U.S. Energy Information Administration. The Energy Departments statistical arm forecasts consumption will shrink 0.2 percent to 18.9 million barrels a day this year, the...
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