Low Oil Prices = Less Oil Drilling
MAY 28, 2015
A few years back, when most oil industry analysts thought that oil prices would remain in the $100-per-barrel range for the foreseeable future, domestic oil companies found that they could earn a healthy profit by fracking “ tight oil ” out of shale rock formations. But starting in the summer of 2014, global oil prices began to collapse. North Dakota oil drilling collapsed after oil prices fell.