GRAND FORKS, N.D., July 30, 2015 — Falling oil prices may have caused a slowdown of activity in and around North Dakota’s resource-rich Bakken shale play – but there are surprising benefits from the downturn, according to Dan Eberhart, CEO of Canary, LLC, one of the largest privately held wellhead companies in the US.
As the global economy weakened in 2014 and the oil market swung to the supply side, particularly after OPEC refused to cut production amid an American energy glut, oil prices began a precipitous drop. Today, a barrel of West Texas Intermediate (WTI) oil – the US benchmark – has lost more than half its value compared to a year ago.
