Shale oil is a type of unconventional oil which is derived from Shale Rocks. There had been many US shale oil producers and extractors. However, a few years ago, the shale oil saw a bust or a downfall, and the production of the oil slowed down.
About three years ago, the shale boom in the US appeared to be over, and no one was sure if it was going to be back again. During the shale oil boom, a single shale oil barrel was priced well above $100.
However, the moment the market crashed the oil barrels were hardly ever above $40. With massive price cuts, the extensive shale oil extraction became uneconomic.
Furthermore, the oil producers in the US filed for bankruptcy. During this time OPEC, Saudi Arabia, and Russia stepped in and dominated the market, thereby cutting off shale oil’s business.
Although shale oil extractors and producer in the US were declaring bankruptcy left and right, some had continued. Furthermore, with the recent trend of oil prices have improved conditions for shale oil producers. While some stopped their business, other continued to do business and used modes to decrease prices for various costs and adopted cost-effective methods.
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Standing true to Grant Smith’s prediction, the Shale oil prices recently went back up. And if his predictions are true, then it could be that the US may become the world’s leading producer of oil by 2025.
Furthermore, according to various reports, there had been no shale oil boost before, the world would have still been living where oil was priced at $100+ since the year 2007.
Although the recent prices are good news for many shale oil extractors and producers, the main question of their supply arises. With an increase in demand, it must be remembered that most of the shale oil extraction is done in the first year. Furthermore, it is hard to find places from where shale oil can be extracted.
Other than this, the global prices and fluctuations can and will have an effect on these prices in the future. Other than this, it is not clear how Russia and OPEC Saudi Arabia will react. Furthermore, it is not yet known if they can cut their oil’s prices as well or not.
Additionally, the question of sustainability of the shale oil is a huge one. There are discussions on whether the country can actually produce enough oil to become independent? Although that is a valid question, predictions will not do much good in decision making only time will tell.
On a different note, shale producers may be able to make more money and have more profits depending on the price of the oil. The higher the prices for oil, the better for the oil producers.