There’s new pressure to increase U.S. oil production, but it’s not that simple, reports Fox Business.
“It’s not just turning a switch like they think,” says Mike Moncla, president of the Louisiana Oil & Gas Association and co-owner of Moncla Workover & Drilling, a rig service company.
Companies need rigs to get wells back online and produce more oil, but many had “stacked” or stored their rigs because they weren’t being used.
“Oil companies are doing all they can to get rigs back out, but when metal stacks, in this humid, south Louisiana environment, you get rust,” Moncla says. He says fixing a rig can take between $75,000 to $125,000. Read the entire story.
