It’s been one year since OPEC tried to force the hand of U.S. shale oil by announcing they would not decrease production in order to curb the falling price of crude. Related: OPEC Challenges Shale Oil Drillers OPEC initiated this Thanksgiving Day game of ‘chicken’ in order to force U.S. shale drillers to fold in the face of falling profits. Oil Prices Plummet Immediate response to OPEC’s announcement included plunging energy stocks and crude oil prices and a resolve from U.S. producers to dig in and ride it out. Oil prices have remained unstable all year and have remained at less than 45% of their peak value of June 2014. Today, Bloomberg reported that WTI crude was at $41.55, while Brent crude stood at $44.24, down from $107.26 for WTI and $115.06 for Brent in June 2014. Oil & Gas Producers Struggle The prolonged slump in oil prices continues […]