Shale Companies Drilling More, but Oil Output Growing Little

Oil companies are putting more rigs back to work after depleting their stockpiles of previously drilled but untapped wells

Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. Here’s how rising oil costs could further boost inflation across the U.S. economy. Photo illustration: Todd Johnson. Though the number of active U.S. oil-directed rigs has grown by roughly one-fifth in the past six months, much of the new activity is to make up for a depleted inventory of wells drilled before the pandemic, executives said. Frackers brought the best of those online last year instead of drilling new ones and will have to drill more than usual this year to offset those lost wells.

Eco Desaster ?

Do you expect the truth ?

I hope us oil fracker remember how Joe Biden shut down entire fracking Industry..

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Summers: I Haven't Seen Any 'Serious Support' for Biden's Claim Oil Companies Are ProfiteeringEven Obama and Clinton's former economic expert Larry Summers said that Joe Biden's claims of price gouging by oil companies is unfounded and that there's no 'serious support for that' view. People just look up the oil companies historical profits year on year. Corrupt toady lying to Americans. Funny, it's a natural resource, it costs the same to extract as it did before the crisis, the supply is screwed back by the oil and gas producers gouging the price - so he's a liar. That doesn't stop Joe from spreading the LIES! That doesn't stop that same LIE becoming FAKE NEWS for the MSM to headline. That doesn't stop those that are gullible or have a agenda (AOC) from repeating or giving credence to that LIE.
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Houston-based business, Baker Hughes joins oil rivals in pausing Russian operationsAs the war continues, companies that remain are under increasing pressure to leave.
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