Posted by Rod Wood - With gas for our cars and trucks now around $3.30 a gallon and oil prices at more than $100 a barrel, news came from Associated Press this week that producers are suddenly taking a second look at idle, decades-old wells.
When oil sold for one-fifth the price or less, the old wells were considered tapped out and unprofitable.
California's oil production increased by 2.5 million barrels last year for the first time in years.
The story is the same across the nation. In Texas, one of the largest oil-producing states, producers filed more than 5,000 applications to unplug or upgrade old wells or drill new ones last year.
Does any of this mean pump prices will go down? I think not.
How do you folks feel about more U.S. oil exploration?