The common wisdom in oil circles used to be that as oil prices collapsed so would shale oil production. But U.S. shale oil has been incredibly resilient. Why? And, has the industry been completely reshaped?
The common wisdom in oil circles used to be that as oil prices collapsed so would shale oil production. To date, that hasn’t happened. U.S. shale has been incredibly, unexpectedly, resilient, with major implications for everything from oil prices and transportation technology to climate change and geopolitics. With oil prices again flirting with $50 a barrel, many observers are asking is this the new normal? Has the industry been completely reshaped? And, what’s the long-term outlook for shale? Off the Charts host Sam Ori gets the answers from Thom Covert, assistant professor at the Booth School of Business.