America Ranks with Top Oil Producers/E&P Companies Reduce Drilling and Seek Lower Costs/ Limited Exports Allowed, Business and Industry Trends Analysis

The price of a barrel of West Texas Intermediate oil (WTI) was as high as $107.95 in June 2014.  By late 2017, it was in the $55 range.  Oil companies have cut approximately $1 trillion from planned capital investment in new oil and gas projects from 2015 to 2020. We’ve seen even greater fluctuations in the past.  For example, oil soared to nearly $150 per barrel in the summer of 2008, only to crash to about $40 a few months later in early 2009. Some producers increase their oil output and sales in order to make up, to some extent,…

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