The exploration has been done.

Shale oil is a drill baby drill program..  It's not universal.. we probably started drilling in what we think are the best spots which will be the better wells.. ??  But no doubt that Shale oil have very STEEP decline rates..  I'm NOT saying that this is going to be a factor soon.. but over a period of time.. supply will drop relative to demand.. and it will take a period of time to pick up the slack.. we are now BELOW the needed price to SUSTAIN what we've done.. How long we can LIVE off the excess will depend.. most here think a few months.. hence the reason why they have shut the pump jacks off..

Why produce in this climate.. wait for things to improve then pump.

The guy who DEVELOPED BAKKEN.. at Contential pulled his hedges at $60... was he too soon.. yes.. but the guy who is credited with going up there.. knows a thing or two about production costs..  else he wouldn't have done it.

"It's only a matter of time."

Granted the bust in the mid 1980's.. we had a war in early 1990's.. see Iraq.. followed by another bust that bottomed in 99.. but by 05 events lead to higher and much higher crude prices.. this break will not last that long.

because we are dependent upon much higher priced supplies.