"The impact of low oil prices could have long-term consequences for drilling companies. But hydraulic fracturing technology could allow the industry bounce back more quickly, experts say."
"Oil prices are plummeting toward a threshold below which US oil faces serious economic headwinds.
On Monday, CNBC released a new oil survey demonstrating that an overwhelming number of experts forecast that oil prices will continue to fall, and will remain so low for the remainder of the year that the cost of extracting shale oil will exceed what producers can get for it on the market. Although some questions remain about what the breakeven point is for producers, experts agree that the range falls somewhere between $30 per barrel, at the absolute lowest, to $65 per barrel.
US oil prices were down 10 cents to $42.40 in midday trading Monday, and Brent crude oil, a global benchmark, dropped 25 cents to $48.94."
Cristina Maza reports for the Christian Science Monitor August 17, 2015.
SEE ALSO:
"Low Oil Prices Pose Threat to Texas Fracking Bonanza" (New York Times)
http://www.nytimes.com/2015/08/15/business/energy-environment/low-oil-pr...
"As Oil Prices Keep Tumbling, Frackers Feel the Pain"
Source: Christian Science Monitor, 08/18/2015
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