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Seventies Revival

Shale Oil Makes $70 the New $100

OPEC won't like how easy it will be to encourage more production.

This is not a chart that OPEC would like:

It shows Wood Mackenzie's projections of breakeven oil prices for new wells in North America's shale basins and the Gulf of Mexico. The first thing to notice is that, on average, it makes sense on paper to drill almost anywhere.