Bloomberg Businessweek (North America)
And what’s the impact of shale oil?
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.