Submitted by Adam Taggart via Peak Prosperity,
Hooray, oil is suddenly much cheaper than it used to be. That’s great news, right?
Not so fast. For certain it’s not good news for those counting on a continued rise in US oil production from the “shale miracle”. Many drillers were challenged to operate profitably when oil was above $70 per barrel. Very few will remain solvent with oil in the $50s (as it is as of this writing).