Watching CNBC now. Talking about 'Reaction in the Bakken'. A reporter on the ground said he has made some inquiries with oilers in the Bakken. 11 out of 17 zones are not profitable. Average cost of production is about $68 to $73 depending on who you speak to. At current oil price, existing wells will continue to produce oil. But new wells would be curtailed and those that drill new wells are gambling that oil price will go higher. Bakken is not dead and not yet panicking. It is also possible that they demand lower wages from workers and cut cost from suppliers to stay in business.
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