I'm no expert, but I think at this price (and quite a bit higher) it's not profitable to drill new ones (edit: in the US). Come on, that's just a few points
OPEC+ Stuns Market With Larger Than Expected Output Hike https://oilprice.com/Latest-Energy-...et-With-Larger-Than-Expected-Output-Hike.html "OPEC+ has just thrown a bombshell to the oil market," Jorge Leon of Rystad Energy told Bloomberg. "With this move, Saudi Arabia is seeking to punish lack of compliance and also ingratiate itself with President Trump."
Back from my bike ride and we are now down a few more. Just might be a start of something. Who knows?
"You makin' some kinda joke?" (A Fistful of Dollars) Sampled in Big Audio Dynamite's "Medicine Show".