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by pilom
4516 days ago
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Most of this is natural gas and not crude oil. The reason these fields are now viable is because of hydraulic fracturing (fracking). Before fracking, no one thought you'd ever get any oil out of that area. Now all of a sudden its all available again. Its like finding a new gusher just because you can drill deeper than you could before. Also natural gas is WAY cheaper now that it was 5 years ago. Its so cheap that a lot of oil companies are voluntarily not pumping out of some good wells because they want to decrease supply. |
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