U.S. Oil Producers May Drill Themselves Into Oblivion

An oil drilling rig on July 30, 2013, near Watford City, N.D. Photograph by Andrew Burton/Getty Images

Remember the fall of 2008? As the world spun out of control and the price of everything crashed, a barrel of oil lost 70 percent of its value over about five months. Of course, prices never should’ve been as high as $146 that summer, but they shouldn’t have crashed to $40 by the end of that year either.

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