Mar 09, 2017 09:04 AM EST
US oil output is expected to rebound this year after a painful war with OPEC. The American oil industry is on the verge of an incredible revival and this is all thanks to healthier prices and strengthened business models.
The US oil comeback is being led by the Permian Basin, which is a hotbed of shale drilling in Texas and New Mexico, reports have found. Permian is so rich in shale oil that it can profitably drill for as low as $50 per barrel range. If this investment continues, US is set to break records in 2018, overtaking the oil output set in 1970.
"Shale has proven to be remarkably resilient. The key is that any dollar invested today is double as efficient as it was two years ago," Tamar Essner, energy director of Nasdaq Advisory Services said in a statement.
People feared for the decrease in production in the US oil industry late 2014 when OPEC decided to keep pumping despite oversupply that sent oil prices to go lower by the day. OPEC's strategy was to keep oil prices far too low and many worried the decline in US oil output.
OPEC's oil price war brought bankruptcies and painful job cuts, as well as, a dip in the US oil production. The current efforts in drilling have gathered enough steam as oil prices rebounded after OPEC abandoned its previous strategy. The EIA has ramped up its US forecasts and predicts daily domestic oil output of 9.2 million barrels for this year and 9.7 million barrels in 2018. A Saudi oil minister affirms the prediction for as long as the US do so gradually.
"It's not a matter of whether the U.S. should or shouldn't invest in its shale and contribute to the global market supply base. It's the pace at which it can supply," Saudi Energy Minister Khalid Al-Falih said in an interview on Tuesday. He noted that US oil drillers can add millions of barrels per day to the global market of the US doesn't strongly increase oil production in the next two years.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
One of the hottest topics at the World Economic Forum in Davos, Switzerland has been Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.