A new study has found that the price of crude oil has changed significantly since 2014.
The report from Oil Change International shows that the cost of oil has doubled in five years.
It’s been more than twice the price that it was in 2014.
According to the report, a barrel of oil costs $US40 today compared to $US30 back in 2014, when the price was $US35.
The increase in price of a barrel was driven by the shale boom in the US and Russia.
The oil price increase has caused oil producers to cut costs, which has made them more competitive, which makes the price rise more difficult to predict.
The rise in oil prices is happening faster than the price is changing.
The rate of increase in the price has slowed in recent years and is now only a quarter of what it was before the shale revolution.
“A barrel of crude is cheaper now than it was at the end of 2014, a year before the oil price surge,” said Oil Change’s executive director, Ben Van Beurden.
“That’s a lot of change in just five years.”
The report says the price increase is most noticeable in US shale producers, who have lost money.
US shale oil production rose by about 400,000 barrels per day (bpd) between 2014 and 2016.
That was enough to raise the country’s GDP by $US2.2 trillion ($2.5 trillion).
“A drop in US oil production is likely to have an effect on global oil demand,” said Van Beurd.
“Demand is still strong but the price will be higher than the last time it happened.”
A few years ago, there were about 50 US oil companies operating, and they had $US10 billion in annual revenue.
Now, there are only two oil companies with more than $US1 billion in revenue, according to Van Beusts report.
Van Beuster said it was likely that the shale oil boom was a result of a number of factors.
“The shale boom has had a lot to do with increased domestic supply and decreased international supply.
That’s all leading to the price jump,” he said.
“There are a lot more factors in play, but one of them is that shale producers are having to spend more money to maintain their business model.”
He said that a reduction in oil production will have an impact on global energy markets.
The US shale boom The US oil industry had a $US4.2 billion annual turnover in 2016, according the Energy Information Administration.
That represented a $2.7 trillion increase over 2015.
However, oil production has been declining in recent decades, according Van Beusons report.
That has been blamed on environmental and technological factors.
VanBeurden said that as the price increases, production is also declining.
“It’s not a bad thing to have a drop in oil because you don’t have the infrastructure to produce more,” he explained.
“But that doesn’t mean that the oil industry is making more money than it used to be.”
Van Beumers report also found that there were fewer US oil and gas wells than there were at the beginning of the shale industry boom.
“We found that in the first six months of 2016, there was no significant change in the number of oil and natural gas wells,” he reported.
However that changed when the boom began.
“By the end, there is a substantial increase in oil and fracking wells,” said van Beust.
“For the first time in history, there’s a significant increase in both the number and the depth of the fracking wells.”
VanBeust said the increase in shale drilling has been a good thing for the oil and the US economy, but it is also a problem for the environment.
“If we continue to see a decline in oil demand, we will see an even larger increase in methane emissions,” he told Business Insider.
“And methane is a greenhouse gas that contributes to global warming.”
In 2016, the US had 8.4 billion metric tons of carbon dioxide emissions.
That equates to the equivalent of nearly 3.5 million cars on the road, and more than 8 million tonnes of carbon pollution per year.
“You can’t just blame this on shale oil and not look at it,” Van Beurgers said.