Oil Economy Focus Rapid Review
Oil climbed above $61 a barrel for the first time in two and a half years, surpassing a crucial threshold for spurring new shale drilling. “The U.S. shale-OPEC tug of war will simultaneously cap upside price potential and downside risks,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London. And a Dallas Fed survey found that 42% of more than 100 oil industry executives in Texas, New Mexico and Louisiana would expand drilling with prices between $61 to $65, with another 31% being prepared to increase investment when prices topped $66.
LINK TO THE SOURCE ARTICLE:
More Shale Drilling At $61 To $65 A Barrel, And More At Over $66
