- The going rate for U.S. crude oil could tumble $30 below international benchmarks in the coming decades if U.S. policymakers don’t reverse a ban on exporting crude oil, according to a report by Wood Mackenzie.
- The falling prices could be made worse by new drilling technology that may double recovery rates and add an additional 1.5M-3M bbl/day of new oil production - as much as 25% more oil than is expected today - the report says.
- The report is not specific about the kinds of technologies that could draw more oil from the ground, but it cites companies such as EOG Resources (NYSE:EOG) that in the early phase of testing new methods now.
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