Barring significant changes in the rules governing drilling for oil, the price of oil is largely set by how many basins are profitable to drill at a given price point. A return to 2008's $140/bbl price would stimulate a lot of frac'ing.
Interesting to note that the Uinta RR has been tentatively approved.
I may live to regret bringing this up, but I recall about a year ago, maybe less, there was a discussion thread here that included speculation on the price of oil by this time of the year. I remember predicting it would be around $70, which it currently is. Can anyone find that thread and see how close we came to our predictions about oil's price?
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