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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 recent strategy report by OPEC recognizes that low current oil prices near $50 will not squeeze out US shale oil production. Frackers have taken the challenge of a competitive market and won. While oil prices plunged from $107 to $45 in a just a few months, the descent is not over despite a recent bounce above $60.