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Not only that, but the costs for frakking have become much lower in the US as oil companies have gotten better at cost control. The US’s generous bankruptcy system also makes it fairly straightforward for companies to shed debt and continue operating.

And unlike the Middle East, Low fossil fuel prices are a boon to the rest of the economy, so you don’t experience broad societal decay and upheaval due to low fossil fuel prices but instead higher stability.... This is why a diversified economy is so important because it reduces hysteresis losses in the case of sectoral interruptions.



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