Sigh. The notion that WORLD oil prices are going to get hit is nonsensical. ZERO chance that other areas in the world will see similar production gains as in the US - the mineral rights/ownership are much different in most countries - that's a fundamental impediment to such big growth anywhere else. And that ignores the lack of infrastructure/service providers/skilled labor that is necessary to develop what is more science than brute strength like the "good ol' days"
In most European/first world countries, minerals are owned by the State - as such, regulations/permits are much more difficult to obtain. And when surface land holders don't stand to benefit from fat royalty checks, but have to put up with noise/congestion from drilling/fracking operations, you are GUARANTEED to see significant local opposition - as has been seen just about everywhere any oilco has asked for permission to frack.
That said, Bakken producers will continue to suffer a discount until the domestic distribution network is built out/reworked - which will take a decade to get in place.
