U.S. shale boom tested as sub-$90 oil threatens drillers

NEW YORK (Bloomberg) -- The U.S. shale boom is producing record amounts of new oil as demand weakens, pushing prices down toward levels that threaten to reduce future drilling. Domestic fields will add an unprecedented 1.1 MMbopd of output this year and another 963,000 in 2015, raising production to the most since 1970, according to the U.S. Energy Information Administration. The Energy Department’s statistical arm forecasts consumption will shrink 0.2% to 18.9 MMbopd this year, the lowest since 2012.

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