Wall Street props up artificial shale oil boom

Categories: Audio, Video, Big picture
Published on: April 12, 2015

Business News Network / 10 April 2015

The oil collapse is because of over-production of expensive tight oil and not a Saudi price war, according to Arthur Berman, Geological Consultant at Labyrinth Consulting Services. He says U.S. output isn’t profitable at current prices but companies go on pumping because investors keep throwing money at the industry.