Shale Producers Find Themselves in Unusual Position
Oil used to be a long-term business. Industry insiders thought and planned in terms of decades and could not be fazed by short-term events. The newfound prudence of shale is a good thing as the excesses of the past burned a lot of good cash and prevented real innovation which does not come from abundance but from scarcity. Only when hard-pressed people start to radically rethink their bottom line. Let prices rise up to 80 or 90 – shale will come back with a roar.
