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Turns out the U.S. oil boom was just a fairy tale

2015-01-15 00:19:00| Climate Ark Climate Change & Global Warming Newsfeed

Grist: With one quick drop in the price of oil, the shale oil boom is officially bust. In less than a week, 61 oil rigs across the United States closed up shop, according to the most recent rig count from Baker Hughes. The U.S. has 1,750 oil rigs still hunting for new oil wells, but that number is expected to fall by another 400 rigs by the time spring rolls around. The whole episode is a wake-up call about just how much of a fairy tale North America`s oil boom really was. It was a fairy tale with real...

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