This is why oil will not be more than $50 again!
Enhanced-Oil-Recovery is the latest technology process that US oil producers use to produce extract crude oil at low cost driving global crude oil price down! It is a process that utilise CO2 collected from other manufacturing plants to inject into the crude oil reserve underneath the ground to help push more oil up while the CO2, the Green House Gas that cause global warming, get stored permanently underground.
US oil producers improve the process by separating the CO2 that came back up with the oil and re-inject it again into the ground. That further reduce CO2 release into the air and further improve oil extraction efficiency. US is in talk about providing CO2 credit to oil producers as well and that will further bring the oil production cost down even further!
Oil price will never be higher than $50 with this kind of technologies applying not only to crude oil but also to shale gas extraction.