South central kansas | From the article: "Had they decided to cut production by 5% or so last fall, they would have lost some market share, and yes, the shale oil producers would have kept growing production. But oil prices would probably be at least twice what they are now."
That presumes that demand would have stayed the same with a 5% reduction and a doubling of price, something that with current state of the global economy, I highly doubt. |