Ten years ago shale oil was not a big factor. Lots of folks had been running around proclaiming that peak oil had been reached some time ago and that nothing but shortages lie ahead. We were still on an upswing back then in terms of demand. Folks figuring that things were going to get worse and accepted that as the reason for high prices.
Now millions of barrels each day come from shale. Plus folks learned how to get by with less fuel, more efficient cars, LED lights, etc. More folks in the city using buses and shunning cars. OPEC countries needed money so they ramped up the supply.
Now millions of barrels each day come from shale. Plus folks learned how to get by with less fuel, more efficient cars, LED lights, etc. More folks in the city using buses and shunning cars. OPEC countries needed money so they ramped up the supply.
