Thu. Feb 29th, 2024

DESPITE OIL DROP, DRILLING CONTINUES

NEW MEXICO (KSMX) – As crude prices plunge, oil and gas producers continue to drill more. West Texas Intermediate continues to sell at about 45 dollars per barrel, which is about a 10-dollar drop from last January’s price. The 2018 peak price hit 76-dollars per barrel in the fall, but that began to quickly fall almost immediately and hasn’t stopped falling since. At the start of the year, New Mexico reported 110 active drilling rigs, which is the most ever in the state.

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