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Don't recall anyone saying Bakken Oil wasn't selling for that low?
The whole problem is continuous low prices hurts new developments. And for developments programmed for $80 oil, with loans taken out to that effect, it's still better to produce at a financial loss than to not produce while still having to cover those loans.
And he's right, you still have to build pipelines, because oil cannot stay at this low level forever. Once enough suppliers drop out of the game, however temporarily, the prices will climb back up.
Hopefully.
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