Dallas Fed survey expects oil prices over $65 per barrel by end of 2018
Monday, July 2, 2018
Respondents to a Federal Reserve Bank of Dallas survey expect the U.S. Benchmark for the price of oil to reach $65.68 per barrel but the end of the year, according to United Press International.
Representatives from 137 energy firms were surveyed by the Dallas Fed between June 13 and June 21. When asked about their expectations about the price for West Texas Intermediate and the U.S. benchmark for the price of oil, respondents’ answers ranged from between $50 and $90 per barrel, with an average expectation of $65.68 by the end of the year.
The most recent results marked the seventh quarter in a row that the Dallas Fed found oil and gas production increased.
Learn more: United Press International > Dallas Fed survey sees U.S. oil in the mid $60 per barrel range
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.