McClatchy reports:
American oil production is still booming in Texas and other energy-rich states despite the oil price crash and resulting mass layoffs and shuttered drilling rigs, raising the question of what it’s going to take to stop the fracking revolution.The supply of crude.
A worldwide oil glut has driven oil prices down more than half since the summer, one of the largest price collapses in history. Nevertheless, U.S. crude oil production is forecast by the Department of Energy to increase to its highest level in more than 40 years.
Production in Texas rose to 2.3 million barrels a day in November, according to preliminary figures from the Texas Railroad Commission. Adam Sieminski, director of the federal Energy Information Administration, recently said he expects the coming year to see “new drilling in the major shale areas in North Dakota and Texas, which account for most of the growth in U.S. production.”
