Shale oil output going back up, though output and demand are still down - Entrepreneur Generations

Though oil and gas drilling in the United States recently hit an 80-year low, American oil producers are bringing production back up.

"Scores of shale drilling companies turned off wells to reduce output when U.S. oil prices fell to negative territory in late April, after millions world-wide stopped driving and flying due to the new coronavirus, causing a steep drop in global demand," Rebecca Elliott reports for The Wall Street Journal. "Now that more of the world is reopening and prices are rebounding to nearly $40 a barrel, companies including Parsley Energy Inc. and WPX Energy Inc. are starting to turn some of those wells back on, even as they continue to put off most new drilling."

from The Rural Blog https://ift.tt/3cOpmtW Shale oil output going back up, though output and demand are still down - Entrepreneur Generations

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