US oil: 2008 price collapse as a template for current situation [EIA]

Using North Dakota’s price -> new-drilling activity -> production data as a template, the EIA article below examines what kind of response we can expect from recently booming US tight oil (shale). Summary: in 2008-2009, as oil fell from $130 to $40 / bbl, drilling activity collapsed with a 5-6 month lag behind price. Resulting production experienced only a small speed bump and kept going up.

http://www.eia.gov/todayinenergy/detail.cfm?id=19171