Efficiency is not going to help US shale when you take into consideration none of the top five co have operated at a profit in the last five years and the oil price was higher during that time. So to keep going they need more funds and on top of that the new ruling on loaning against future reserves is a no no meaning co like cheasepeake losing 1bil barrels they could loan against but wait theres more the amount of debt already is phenominal with junk bond yields heading in the wrong direction . So whats this all mean the perfect storm and those of you that think the saudis will blink first well i think yous are wrong
Oil recoil - J Curve, page-16
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