And what’s the im­pact of shale oil?

Bloomberg Businessweek (North America) - - Companies/Industries -

Well, it sur­prised the oil mar­ket, would be the first thing I would say. But what it re­ally showed the mar­ket is there’s a fairly re­silient source of sup­ply that’s avail­able on short no­tice. What the shale busi­ness showed is that, with the com­bi­na­tion of hy­draulic frac­tur­ing and hor­i­zon­tal drilling, we can grow pro­duc­tion pretty rapidly if we have the right price en­vi­ron­ment. When oil was over $100, we were grow­ing pro­duc­tion in this coun­try by a mil­lion bar­rels a day per year.

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