Oil at $30 Would Threaten a Lot of Stripper Wells
- Oil industry's older wells produce 1.1 million barrels a day
- More than 200,000 barrels a day threatened by $30 oil prices
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The speed at which oil wells spitting out their final drops of unprofitable crude will be shut may hold the key to an eventual rebound if prices fall further.
Crude prices tumbling to $30 a barrel would threaten the profitability of about 206,000 barrels per day of production from older wells that produce minimal amounts of oil, according to a report Thursday from Bloomberg Intelligence.