From the NYT today.
And despite all the lost workers, United States oil production is galloping upward, to nine million barrels a day from 8.6 million in September. Nationwide, with a bit more than one-third as many rigs operating as in 2014, production is not even down 10 percent from record levels.
Some of the best wells here in the Permian Basin that three years ago required an oil price of over $60 a barrel for an operator to break even now need about $35, well below the current price of about $53.
If the US cranks up again POO will struggle to get above $60 even if others cut back production.
From the NYT today. And despite all the lost workers, United...
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