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Extracting oil from shale reservoirs was though to be too difficult and expensive to ever really flood the market like this. Turns out it wasn't.
by evjrob 7y ago
Extracting oil from shale reservoirs was though to be too difficult and expensive to ever really flood the market like this. Turns out it wasn't.
- empath75 7y agoIt is too difficult and expensive for this. Most of them are taking a loss at this price.
- evjrob 7y agoTrue, but tight oil production that was previously though to be impossible to extract economically has more than offset losses in conventional production. Peak oil predictions of decades past presumed this could only happen when oil prices rose so high that alternative energy sources would be competitive. Therefore these reservoirs would remain uneconomic. Instead fracking got really cheap.