Bloomberg Businessweek (North America)

And what’s the impact of shale oil?

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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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