The Americanization of Shell Oil -- Testing the waters -- Betting on technology -- The trials and triumphs of exploration -- The end of business as usual -- The offshore imperative -- Deepwater treasures in a new era of oil

This paper empirically investigates banks' investment allocations over the recent business cycle. I identify unsolicited deposit shocks resulting from unconventional energy development and estimate bank allocations of these deposits. In the pre-recession period, banks lend 38 percent of...