Oil and gas supply/demand is the big issue but the following...

Oil and gas supply/demand is the big issue but the following from Bloombergs is relevant

Shale oil is expensive to extract by historical standards and only viable at high-enough prices, Ed Morse, Citigroup Inc.’s head of global commodities research in New York, said by phone Sept. 23. Oil from shale formations costs $60 to $100 a barrel to produce, compared with $10 to $25 a barrel for conventional supplies the Paris-based International Energy Agency estimates. What always happened is you’d get too much oil and gas and the price gets too cheap and you quit drilling -- can’t make money,” T. Boone Pickens, founder and chairman of BP Capital LLC in Dallas, said in a Sept. 15 phone interview. “You break the price down and you’ll stop the fracking boom right quick.”