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More than 50% of the United States oil reserves come in the form of unconventional shale oil, with Texas alone containing 60 million barrels of this type of fossil fuel.
A new study has cast serious doubt on whether the much-ballyhooed U.S. shale oil and gas revolution has long-term staying power. The U.S. produced 8.5 million barrels of oil per day in July of this year -- 60 percent more than just three years earlier. That is also the highest rate of production in three decades.