N.Dakota Oil BOOM is Over

[COPO]

Cheap oil is hear to stay for at least 3 years or more. Don't be surprised to see $25 a barrel oil by mid year once Iranian oil hits the market before rising back to around $40 to $45 by year end and that's only if China's growth doesn't slow more than it already is. Shale oil technology was a game changer and the world is awash in oil. Technology will continue to improve to make shale oil profitable below $40 a barrel. US is now energy independent and will be a net exporter. Probably not good for Tesla stock unless there is a carbon tax that gets put in place.

[Terry24]

Sort of the same here in Western PA, although, the natural gas drilling has picked up a bit, but, that won't last long either.

[whitetop]

I live right in the middle of Utica Marcelluss shale-Eastern Ohio and it's now a bust. Apartments for rent everywhere. RV parks are emptied out. 9 major hotels built in my town of 5000 people.

I know at least 10 people who quit decent jobs and were swooned to the $28-30 per hour oil field jobs and now they are laid off and local employers won't hire them back.

I know people who were getting $800-1000 per acre monthly royalty checks and now that has stopped. Problem is they went out and built mcmansions or hobby barns on their property and have no way to pay for it.