The shale boom has made America the world’s top oil producer

IT IS A blazing morning in the Permian basin, in west Texas, America’s most productive oilfield. On the high plains a rig gnaws at rock more than 3,000 feet (0.9km) underground. When the drill bit reaches about a mile and a half in depth, nearly six times the height of the Empire State Building, it will munch its way sideways for another two miles. Then comes the interesting part. After completing one horizontal well, the towering rig will rise virtually intact, shuffle forward for about an hour, then prepare to drill again.

Such walking rigs are one way that Concho Resources, the company which owns the well, seeks to extract more oil, more efficiently. Concho is not alone. The shale industry has made America the world’s top producer of crude oil. When America’s sanctions on Iranian crude exports take effect on November 4th, shale will help fill the gap. As tensions rise over Saudi Arabia’s suspected role in the murder of Jamal...

via Business Feeds

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