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 November 2018, it was in the $55 to $60 range.  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. The cost to produce a barrel of oil varies dramatically from one region to another and from one type of well to another.  Today’s market trends have forced exploration and production companies to strive for…

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