Shale Production Is About to Make a Big Comeback -- Are Oil Prices in Trouble? [The Motley Fool]
WPX ENERGY (WPX)
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Source: The Motley Fool
A new estimate from the U.S. government projects a big uptick in U.S. oil production from shale next month. Oil prices have been riding high over the past few months, with the global crude benchmark price recently topping $70 a barrel . Several factors fueled this move, including healthy demand growth, OPEC's production cuts, and a slowdown in U.S. shale drilling . That said, while many shale drillers tapped the brakes last summer when crude pulled back, the industry is still on pace to push production much higher. In fact, according to a recent estimate from the U.S. Energy Information Administration (EIA), shale production in the U.S. is about to experience a big-time boost. Drilling down into the latest report Each month, the EIA puts out its drilling productivity report, where it details its estimates for production from the nation's seven fastest-growing shale plays . Last month, the EIA projected that oil production from these regions would average 6.4 million b
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