The oil and natural gas business activity index in the 10th Federal Reserve District, which includes northern New Mexico, Colorado, Oklahoma and other energy-producing regions, jumped from 4 to 40 in the fourth quarter of 2020, suggesting that a recovery is underway, according to the Federal Reserve Bank of Kansas City. The consensus among energy executives surveyed by the bank is that drilling activity will increase sharply when oil and gas prices average $56 per barrel and $3.28 per million British thermal units, respectively.
10th Fed District oil, gas activity gains momentum
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