After OPEC Move, Oil Country Breathes A Sigh Of Relief

Oil patch states, including North Dakota and Texas are seeing the economic benefits of increased petroleum prices.

By Laura RiceMay 30, 2017 9:30 am| ,

The oil industry is emerging from a two-year slump in crude prices that led to layoffs and a drop in production. A year ago, activity had slowed way down in America’s oil fields. In Texas, only 173 rigs were drilling for oil. Today with higher prices, that number is up to more than 450.

Last week, OPEC stepped in,  deciding to extend production cuts. Inside Energy’s Amy Sisk reports on how that move from the oil cartel will impact the industry’s recovery going forward. She filed this from another oil-producing state – North Dakota.