U.S. oil boom isn’t dead. It’s plotting a 2017 comeback

U.S. oil boom isn’t dead. It’s plotting a 2017 comeback

New cracks have emerged in the U.S. oil boom, thanks to the crash in prices orchestrated by OPEC.

U.S. oil production is down seven straight months and recently dropped below the 9 million barrel mark for the first time in nearly two years.

It’s further evidence of how the supply glut and relentless pumping from Saudi Arabia, Iran and other OPEC nations have forced American shale companies to hit the brakes.

But OPEC has hardly dealt the U.S. oil boom a death blow. Production is still twice what it was in 2008 and there are early signs of a rebound thanks to the rally in oil prices. Goldman Sachs recently predicted American production will continue declining this year, but then resume growing in 2017 and beyond.

Read more…

Article from CNNMoney.com

2017-02-08T04:35:42+00:00