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Why Frackers Are Returning to Abandoned Oil Patches in Droves

By Jon Miltimore

 

For consumers, high oil prices are a headache; for drillers, they are an opportunity.

Less than two years after the price of oil briefly plummeted to roughly negative $37 a barrel, an oil boom is underway in America—even in places where drilling was all but abandoned two years ago.

“Private oil producers are leading an industry return to places like the Anadarko Basin of Oklahoma and the DJ Basin in Colorado, where drilling had almost completely stopped in mid-2020,” reports The Wall Street Journal.

The Anadarko Basin, for example, has surged from just seven active drilling rigs to 46, according to energy analytics firm Enverus, while the DJ Basin in Colorado saw its number of active rigs jump from four to 15. Meanwhile, Utah’s Uinta Basin and the Powder River Basin in Wyoming, which both saw active rigs fall to zero in 2020, have seen rigs increase to roughly a dozen.

 

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