Higher oil prices mean US drillers are open for business, says API

By John Siciliano

Published July 13, 2018 4:00am ET

Higher oil prices mean US drillers are open for business, says API — FILE - In this Aug. 3, 2014 file photo, an oil pump works at sunset in the desert oil fields of Sakhir, Bahrain. Political turmoil and military conflict in certain global hotspots has typically sent oil prices soaring. There's plenty of that now, but oil is near its low for the year. (AP Photo/Hasan Jamali, File) | (AP Photo/Hasan Jamali, File)

Rig workers can’t seem to drill enough wells as oil prices have soared to their highest levels in five months, serving as a “green light” for more exploration and fracking in the shale regions that stretch from Texas to Pennsylvania, according to new stats released by the American Petroleum Institute on Friday.

The report shows that the number of natural gas wells being drilled, primarily in the Pennsylvania shale region, has skyrocketed 265 percent from the second quarter of last year.