Seems to be a bad time to try this with oil in the $40-50 range.
“Seems to be a bad time to try this with oil in the $40-50 range.”
Either they believe that these prices are quite temporary )T Boone Pickens himself said he expects $70 oil by the end of the year), and/or they want a permanent presence here in time for America rising like a phoenix with Ted Cruz.
Drilling is down, but it has hardly stopped. Also, this is in the Marcellus and Utica area so it will likely be mostly Natural Gas (which is also down in price).
That would be relatively close to Charleston, wouldn’t it? I know that area a little bit since my dad moved to NC. I use US-35 as a shortcut to get to 64/77.
CC
“Seems to be a bad time to try this with oil in the $40-50 range.”
Gas prices are different than crude prices.
The Marcellus is the rich prize of natural gas close to the largest gas markets in the US, which means they are less susceptible to the downturn effect other places are experiencing.
The ability to continue to drill under the weight of lower prices is really a bonafide sign of vitality for an industry which relies on a commodity pricing for income but can overcome due to technology of horizontal and fraccing.