Why the rig count in going up
The Dallas Morning News:
This suggests one of the reasons why the OPEC strategy has been so ineffective.
The price for continued operation of existing wells is much lower:
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Many regional oil and gas exploration companies say crude oil prices are high enough for new drilling in some parts of the major Texas, Oklahoma and Louisiana oil fields. On the other hand, there are some parts that won't open back up until the prices get a lot higher. And more companies say they'll be shedding employees this year than say they'll be adding jobs.
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This suggests one of the reasons why the OPEC strategy has been so ineffective.
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