The Cycle of FearA decade ago “peak oil” was helping drive the fear cycle, as many credible voices asserted that oil production was nearing terminal decline. Enter the Shale Oil BoomAs oil prices rose, some oil resources that were previously uneconomic to produce became attractive for the first time. The upturn in oil production began in 2009, and then U.S. oil production proceeded to grow at the fastest rate in history. The result was a surge of global inventories – the primary cause of the oil price collapse – and a return to complacency. U.S. shale oil production rose in response to the news, but the oil market remained flat.

Source: Forbes November 26, 2017 22:52 UTC