A Los Angeles Times article about the Trump administration's plans to open coastal California waters to expanded drilling featured an interview with Peter Maniloff, assistant professor of economics and business at Colorado School of Mines.
From the story:
Oil is trading at about $60 a barrel - roughly the price that would make an offshore project profitable, said Peter Maniloff, an economist at Colorado School of Mines who studies the oil and gas industry.
But "you want to be confident that prices will remain that high before undertaking a very large investment to drill an offshore well," Maniloff said. "And it's hard to be confident of that because fracking has driven prices down."