Oil: US shale’s big squeeze - FT.com:
"In most other American cities, the sign at the Conoco station advertising petrol for $1.29 per gallon would be welcome. In Spring, Texas, a suburb on the northern side of Houston, it is a warning.
Cheap petrol is a result of the collapse in the oil price, which dropped briefly below $28 a barrel this week, a 13-year low, from $115 for Brent crude in June 2014. It has prompted a grim realisation in Houston, the capital of the US oil business, that the quick rebound many hoped for is not going to come.
Dozens of oil and gas companies went into bankruptcy last year, and tens of thousands of jobs were lost, but that was only the beginning. A reckoning is approaching that will sweep away the weaker US oil companies and force profound changes at the stronger ones. It will be a moment of truth for the North American shale revolution, which has transformed prospects for gas and oil in the US."
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