Are Shale Drillers Starting to Scrape the Bottom of the Barrel?
Oil companies in the U.S. have staged a remarkable comeback this year. Production, for example, which declined by nearly 1 million barrels per day at the low point last year, has roared back this year and is right back up near the 2015 peak. At the current trajectory, the country is on pace to produce an average of 9.8 million barrels per day in 2018, which would surpass the previous record of 9.6 million barrels per day set in 1970.
The driver of that rapid rebound in output -- other than the stabilization of oil prices around $50 a barrel -- was the ability of shale drillers to capture efficiency gains and push through technological innovation. However, there are several signs within the industry that it might not be able to go much further on either front, which suggests that the weight that has been holding back crude prices might soon lift.
Image source: Getty Images.
Source: Fool.com
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