Drilling activity is picking up in U.S. shale basins as prices approach $100 a barrel
Friday, February 11, 2022
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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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.