The U.S. Shale Oil Boom of the 20 Teens

Oil industry commercialized horizontal drilling and hydraulic fracturing, which helped us recover from the great financial crisis. We've also developed sophisticated new technologies for drilling oil wells in extremely deep ocean water. But my whole point is all this fancy technology comes at a cost. It's completely impossible for global oil prices to drop below $40 a barrel in anything short of a global pandemic collapsing demand because it costs more than that to produce each marginal barrel.