Abstract
The oil crisis of the mid-2000s triggered the rise of non-conventional oil production in North America, in particular the shale sector in the United States (US). Yet despite the rise of shale production, oil remains as dysfunctional a part of the economic and geo-political environment and the monetary and financial landscape as it was in the years leading up to 2007–08. The rise and subsequent partial financial bust of American shale production has moved the world through one set of economic and political problems to another. These new dysfunctionalities have their origins in the material conditions on which shale production came to rest, not least quantitative easing and zero interest rates, and the consequences of the rise of shale for conventional oil producers in a world marked by the fallout of the 2008 crisis.
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Thompson, H. (2017). Salvation and Damnation: The Rise of Non-conventional Oil and Quantitative Easing. In: Oil and the Western Economic Crisis. Building a Sustainable Political Economy: SPERI Research & Policy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-52509-9_3
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