Energy in Depth points out more than 9,000 independent oil and gas companies produce 83% of America’s oil and 90% of its natural gas. ExxonMobil, country’s largest producer, controls only 3% globally
That 83% of America's oil is only possible thanks to high prices making wells profitable. US production costs run at about $60 a barrel. If the global oil price dropped substantially, many producers would go out of business.
That 83% of America's oil is only possible thanks to high prices making wells profitable. US production costs run at about $60 a barrel. If the global oil price dropped substantially, many producers would go out of business.