Led by Texas, U.S. Big Oil Production Set to Surge into 2020

U.S. oil production is expected to surge to new records through the rest of this year and into 2020 with healthier crude prices and the cost of profitably drilling a shale oil well falling to a modern low.

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Led by Texas’ booming Permian Basin, the breakeven cost for developing shale wells has fallen 4 percent — or $2 a barrel — down to a recent low of $50 per barrel, likely ensuring the growth of the onshore shale industry for years to come, according to the latest survey Tuesday by the Federal Reserve Bank of Dallas.

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