The price of oil has dropped by close to 50% over the last six months to a level we believe is causing serious problems for oil producers. We believe if current conditions persist it will cause credit issues. The U.S has increased production of oil by an additional 4 million barrels a day since 2010. As technology has improved greatly with fracking it has allowed the development of new shale oil fields that were previously not economical to develop.

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PVG – Equity Income Monthly Update (December 2014)