U.S. Oil Companies Crank Up Production in Gulf of Mexico

06/24/2016 The Wall Street Journal

deepwatersOil companies are pumping more crude off the U.S. coast in the Gulf of Mexico, a surprising trend that shows the resilience of the nation’s energy industry.

Despite the worst price downturn in a generation, so much oil is starting to pour forth from offshore fields near Louisiana and Texas that it is partially offsetting declining output from shale regions on shore and propping up total American oil output.

The U.S. is currently pumping about 8.7 million barrels a day, 480,000 less than at the end of last year, according to the Energy Information Administration, as low prices spur companies to shut down new exploration and some existing shale-oil wells begin to peter out.

Read more…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s