{"id":458,"date":"2014-10-22T21:28:04","date_gmt":"2014-10-22T21:28:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=458"},"modified":"2014-10-22T21:28:04","modified_gmt":"2014-10-22T21:28:04","slug":"low-oil-prices-hurting-u-s-shale-operations","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=458","title":{"rendered":"Low Oil Prices Hurting U.S. Shale Operations"},"content":{"rendered":"<p><a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/Low-Oil-Prices-Hurting-U.S.-Shale-Operations.html\">Low Oil Prices Hurting U.S. Shale Operations<\/a>.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">Slumping oil prices are putting pressure on U.S. drillers.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=79687&amp;p=irol-rigcountsoverview\">Baker Hughes<\/a>. There were 19 oil rigs that were removed from operation as of Oct. 17, compared to the prior week. There are now 1,590 active oil rigs, the\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/fuelfix.com\/blog\/2014\/10\/17\/oil-rigs-slump-by-most-in-two-months-after-prices-slide\/\">lowest level in six weeks<\/a>.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">\u201cUnless there\u2019s a significant reversal in oil prices, we\u2019re going to see continued declines in the rig count, especially those drilling for oil,\u201d James Williams, president of WTRG Economics,\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/fuelfix.com\/blog\/2014\/10\/17\/oil-rigs-slump-by-most-in-two-months-after-prices-slide\/\">told Fuel Fix<\/a>\u00a0in an interview. \u201cWe could easily see the oil rig count down 100 by the end of the year, or more.\u201d<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">Baker Hughes CEO Martin Craighead predicted that U.S. drilling companies could begin to seriously start removing rigs from operation if prices drop to\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/fuelfix.com\/blog\/2014\/10\/17\/oil-rigs-slump-by-most-in-two-months-after-prices-slide\/\">around $75 per barrel<\/a>. Some of the more expensive shale regions will not be profitable at current prices. For example, the pricey Tuscaloosa shale in Louisiana breaks even at\u00a0<a style=\"font-weight: inherit; font-style: inherit; font-size: 14px; font-family: inherit; vertical-align: baseline; color: #24606c; text-decoration: underline; outline-style: none; outline-width: initial; outline-color: initial; padding: 0px; margin: 0px; border: 0px initial initial;\" href=\"http:\/\/theadvocate.com\/news\/10524965-123\/onshore-rigs-could-flee-la\">about $92 per barrel<\/a>.<\/p>\n<p style=\"font-weight: inherit; font-style: inherit; font-size: 1em; font-family: inherit; vertical-align: baseline; padding: 0px; margin: 0px 0px 1em 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Low Oil Prices Hurting U.S. Shale Operations. Slumping oil prices are putting pressure on U.S. drillers. The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm\u00a0Baker Hughes. There were 19 oil rigs that were removed from operation as of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[47,588,594,723,798],"class_list":["post-458","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-baker-hughes","tag-oil","tag-oil-prices","tag-shale-oil","tag-tight-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=458"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/458\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}