Apparently, "God" Doesn't Believe in the U.S. Shale Boom
As OPEC prepares to meet in Vienna, discussions are expected to focus heavily on the rate at which the organization produces crude oil. Thanks to the heavy growth here in the United States, smaller member nations are becoming fearful that downward pressure might find its way to the oil price market. For a while now, Saudi Arabia has stated its belief that this will be a minor event in the grand scheme of things, and others are voicing their mutual feelings.
It's hard to argue that shale oil wells have been showing a much more precipitous decline rate than conventional wells, but that doesn't detract from the size of the opportunity still remaining underneath U.S. soil. Companies are becoming more efficient in their drilling operations and have picked up the pace tremendously. For a look at what a few companies in the Bakken are doing to keep the momentum rolling, check out the following video.
One of the brighter stars of the Bakken shale
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