Oil prices have skyrocketed since the end of 2016, reaching a 3 1/2-year high this week and natural gas prices are at a 3-year high. One of the more painful downturns for the domestic petroleum business is now turning into a distant memory.
After losses for a number of years, U.S. oil producers may finally be able to reward their shareholders with positive returns as the country emerges victorious from a market share battle that the Middle East thought it would win. The shale oil sector’s resilience is thanks to technological advances and lower production costs that not only has set OPEC on its heels but could soon dethrone Russia as the world’s largest oil producer.
Read more at https://www.foxbusiness.com/markets/boom-time-for-us-oil-gas-producers
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