Bakken Stock Declines In a decision that caused energy stocks to plunge on Friday, OPEC announced last week that it will not decrease production in order to curb the falling price of crude. Viewed by many as a sort of Thanksgiving Day game of ‘chicken’, this effort is meant to drive oil prices down further in order to force U.S. shale drillers to fold in the face of falling profits. This announcement comes as the boom in shale production has produced a growing worldwide oil surplus, thus changing the global energy landscape and status quo. Some are making dire predictions about what this may mean for U.S. interests, including one Russian oil tycoon who announced to Bloomberg that he predicts a huge crash in the industry that will necessarily weed out the weaker players. Whether this tactic by OPEC will be effective remains to be seen. In October, Continental Resources […]