Disliked{quote} One point you're missing is the high leverage of US shale oil extracting companies. Low oil prices put these companies under enormous pressure. And when they go bust, US banks will be left on a mountain of foul debt. Some say that writeoffs from bankrupt shale oil companies may reach a dimension similar to the housing crisis. You know what that means, right? Stock markets are already sliding on further oil price decline. Believe me, this thing can turn sooner than we think. South America producing cheap oil? Never heard of it. Who? Where?...Ignored
I heard that Ecuador and Venezuala are producing cheap oil.