And yet... North Dakota earthquakes remain zero, while Oklahoma and Kansas earthquakes are steady at nearly a dozen/day.
Fracking, yo.
When the price goes back up, they’ll start looking again. Technology is not standing still. People are still designing new methods of looking.
Also, they’ve found so much that when the conditions are right, they’ll go back and get it. This is the market in action. Be calm. When it’s time to panic, I’ll post...PANIC!! (One exclamation mark means that Democrats have taken over two branches of government. Two mean they’ve taken three branches. Three mean they are promising us world peace.)
The BP disaster left quite a bad taste in the mouth of many. If the right to sell American oil overseas is resumed prices will stay low for a long time depending on government manipulation and easy oil ready to pump. Gasoline prices are easily manipulated and may not go down much.
Until there is some financial incentive (like rising oil prices) there will be little inclination to, well, throw money into the ground.
Of course the fact there is really little exploration or exploitation of existing sources, will eventually reduce the glut and prices will rise. But allowing the US to export some amount of its domestic production would help to reduce this glut, and change the economics of drilling and extraction within our own borders.
Supply and demand.
Learn to love it.
kinda reminds of ‘86....workin offshore in the GOM....Rowan had up to a dozen rigs hot stacked off of Galveston and Sabine for a few years......pretty much every one else hot/cold stacked from Venice to Corpus...we shall see this time with exploration....lotta changes in the last 30 years..
ROI - return on investment If it ain’t there you don’t drill.
I think 2013 levels, which were an historical aberration are not really the best barometer of oil exploration.