OPEC's predatory pricing response to shale development backfired big time

Wall Street Journal:
Effort to Crush Shale Producers Only Made Them Stronger

Surging productivity in America’s shale oil patch is an indirect result of pressure applied in recent years by OPEC and may have permanently lowered oil prices
The shale producers responded to the predatory pricing by becoming more efficient and thus more competitive.  Their costs are now lower than many OPEC countries.  It is a point I have been making for some time.

It has led to the US being the world's leading producer of energy and also one of the larger exporters.  It has also reduced pollution by moving more electrical plants to use natural gas.  US pollution has actually decreased shine the shale revolution.  It is actually doing more for the environment than the Paris agreement proposed.


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