The ongoing global oil shortage has triggered President Joe Biden’s call to shale producers to spend more of their profits on increasing output. But shale firms have been under pressure from shareholders for many years to focus on returns rather than production growth, this has been one of many contributors to the global oil shortage.
So, what are the shale companies doing?
They are trying to satisfy both parties by returning to existing wells and giving them a second, high-pressure blast to lift oil output for a mere fraction of the cost of finishing a new well.
The post Global Oil Shortage Drives The Re-fracking Boom originally appeared at Investors Alley.