❗️US oil producers hesitant to boost production
Dallas Federal Reserve President Lorie Logan said on Thursday that US oil producers are unlikely to ramp up production in the near term or protect consumers from rising gasoline prices.
She noted during a conference at her regional Fed bank that the price US producers say is needed to justify increased drilling is just under $70 per barrel, compared with current levels of about $110 per barrel. Logan added that prices would need to remain at or above that breakeven threshold for a sustained period before companies commit to the investments that could eventually ease prices for consumers.
US oil firms “need to have a sense that those higher prices are going to stay around for a while, and so I am not hearing that we’re going to see a dramatic increase in production here in the short run,” she said.
READ FULL ARTICLE: This article originally appeared on The Cradle
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