Sunday, November 18, 2012

New Technologies Drive Oil Boom in U.S.


Oil production in the U.S. is increasing, often driven by new ways of getting the black stuff out of the ground. Start-up companies are trying out new techniques, while larger, established players are giving a second look to older methods that weren't profitable years ago.

The high price of fuel is one reason. The late 1990s saw a glut of oil, with the average (inflation-adjusted) price dropping to about $17 per barrel. In 2012, the average has hit $93, and could go higher.

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