Some new shale oil wells in the U.S. may have a break-even point of less
than $30 a barrel despite the higher drilling and fracking costs.
However, the average break-even point for new wells ranges from $46 to
$58, depending on the site, with the higher-cost wells coming in at $90 a
barrel.
The cost-per-barrel of conventional deposits varies, with Saudi Arabia
able to produce oil the most cheaply, sometimes under $10 a barrel.
In other words, the Saudis can produce more exportable oil, more cheaply than anyone else. That's why they have so much control over the worldwide oil market. The US shale oil industry simply can't compete with that.
But we can put the Saudis out of business if we rapidly switch to renewable energy.