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Drilling Surges in the U.S., but the Oil Boom is Just Getting Started

Matt DiLallo | Motley Fool

10 MAR 2014

Last week the number of drilling rigs targeting oil in the U.S. surged to a record level. The rig count jumped by 13 to 1,443 rigs, which is the highest total since the industry began keeping track of separate rig counts in 1987. That's a record that should continue to see new highs as the industry continues to find new sources of recoverable oil in the U.S.

The area behind last week's surge is the Permian Basin in west Texas. While that legacy oil basin has been producing since 1921, its best days are likely to still lie ahead.

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