Drilling activity is picking up in U.S. shale basins as prices approach $100 a barrel

Drilling activity is picking up in U.S. shale basins as prices approach $100 a barrel

Friday, February 11, 2022 by Sara Welch

As oil prices approach $100 a barrel, drilling activity is starting to pick up in U.S. shale basins that fell silent when prices crashed at the beginning of the pandemic, according to Reuters.

Benchmark U.S. prices last week topped $93 a barrel — an increase of 65% in the last 52 weeks and the highest since 2014.

The increased price has inspired U.S producers to crank up spending at double-digit rates as fuel demand sores and fears about OPEC flooding the market with crude have waned.

Learn more: Reuters > As oil nears $100 a barrel, U.S. drillers get busy in costly shale basins

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