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US oil industry: Steep price drop a challenge for Texas

The fracking revolution in America has helped the US economy bounce back from recession and provided a plentiful supply of cheap oil and gas.

But now the steep fall in oil prices is proving a significant challenge to the oil industry's economic viability.

The US Crude price has more than halved in the past year, and while it has slightly recovered, the world's biggest oilfield services company this week announced it was laying off thousands of jobs as a result.

Jon Sopel reports from Midland, in west Texas.

  • 17 Feb 2015
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