Plenty of attention has been paid to the technological advances of Silicon Valley. From virtual reality to AI, there is no shortage of speculation around how the latest technology will alter our everyday lives. But there are already technologies changing our everyday realities.
The oil field has been revolutionized by better, more efficient drilling. Fracking covers the revolution broadly. But it goes far beyond fracking to longer, better wells. Fewer rigs? More feet drilled regardless. In fact, oil well feet drilled is barely off all-time highs. That has allowed for more oil production, defying many of the predictions. Can it continue? Maybe. That is reliant on continued investment after a wave of consolidation. It is certainly a possibility. But the early signs are for a moderating production growth trajectory.
