Oilprice.com: Could you let us know your thoughts on the shale revolution. How do you see it playing out and do you think we have been oversold on shale’s potential?

James Hamilton: This is a real success story, and a primary reason that U.S. production is now rising rather than falling. But there are several key points to keep in mind. First, it is not cheap to produce oil with these methods-- tight oil is never going to be the reason we get back to $50/barrel. Second, we’re likely to face much steeper production decline rates from individual wells than was the case for conventional oil production. The same also applies to deepwater production. So those who think these new technologies will put us back in the world we once knew are in my opinion missing the big picture.