March 2016, Vol. 243, No. 3

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What Happens When Oil Hits $50?

The major beneficiary of the 54 percent jump in oil prices from the lows of $26 per barrel is the U.S. shale oil industry, which will utilize this rise to ramp up production and repair balance sheets. But any move above $45 per barrel will likely reverse all this good luck: The drop in production will halt and more will be added to the supply glut. It’s a bit of a double-edged sword. Speculation of a production freeze/cut by the combined cartel of Russia and the Organization of the Petroleum Exporting Countries (OPEC) fuelled the current rise in crude oil prices, though, uncertainty about Iran’s participation remains. The Energy Information Administration’s (EIA) short-term energy outlook

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