Shale Oil Well in West Texas

Shale Oil Well in West Texas

So why hasn’t OPEC’s strategy of spurning output cuts to prop up prices brought U.S. producers to heel? Simple: agile U.S. producers swiftly moved to aggressively cut costs and drive gains in productivity. Sure high-cost North American shale producers are feeling intense heat. Severe hits to profits, employment, and investment—plus the idling of equipment—bears that out.

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