Higher oil prices mean US drillers are open for business, says API

Rig workers can’t seem to drill enough wells as oil prices have soared to their highest levels in five months, serving as a “green light” for more exploration and fracking in the shale regions that stretch from Texas to Pennsylvania, according to new stats released by the American Petroleum Institute on Friday.

The report shows that the number of natural gas wells being drilled, primarily in the Pennsylvania shale region, has skyrocketed 265 percent from the second quarter of last year.

The new well data is for exploratory wells that have been drilled in search of natural gas, and have the potential to be producing at some point, said Dean Foreman, the American Petroleum Institute’s chief economist, in an interview with Washington Examiner previewing the second quarter release…

 

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