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"In just 15 years, shale companies have increased U.S. oil production by about 8 million barrels of oil a day. The boom reduced the country’s reliance on foreign oil and saved American consumers billions of dollars via lower gasoline prices. But in recent years, signs that the era of shale dominance is coming to an end have multiplied."
Oil prices have fallen to $62.49 a barrel, down about 13% since Trump’s early April tariff blitz. That price is roughly equivalent to about $45 in 2015 dollars—below the average price that sent the oil industry into a painful downturn that year.
“On an inflation-adjusted basis, current prices are at amongst the lowest they’ve ever been,” Paul McKinney, CEO of Permian driller Ring Energy, said in an interview. Prices should be around $85 a barrel to encourage companies to drill, he said.
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