Economics
Oil Fields Were Growth Gusher for U.S. Economy in Second Quarter
Workers connect drill bits and drill collars on a rig in the Permian basin outside of Midland, Texas.
Photographer: Brittany Sowacke/Bloomberg
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America’s oil industry provided plenty of power for the economy in the second quarter.
Investment in mining exploration, shafts and wells came in at a $129.4 billion annualized rate during the period, up from $109.2 billion in the first three months of the year, the government’s report on gross domestic product showed Friday. The annualized gain of 97 percent was the second-largest since 1987.