American frackers are raising the number of drilling rigs in oil fields by more than 20%, but don’t expect a similarly sized increase in production
Oil companies are putting more rigs back to work after depleting their stockpiles of previously drilled but untapped wells
Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. Here’s how rising oil costs could further boost inflation across the U.S. economy. Photo illustration: Todd Johnson. Though the number of active U.S. oil-directed rigs has grown by roughly one-fifth in the past six months, much of the new activity is to make up for a depleted inventory of wells drilled before the pandemic, executives said. Frackers brought the best of those online last year instead of drilling new ones and will have to drill more than usual this year to offset those lost wells.
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