According to a report from the American Petroleum Institute this week, estimated total wells drilled and completed in the second quarter of 2017 increased 62 percent compared to the second quarter of 2016.

This includes a 41 percent increase in estimated development gas well completions and a dramatic 81 percent increase in total estimated oil well completions from year-ago levels, the API said.

API Clocks 81% Increase in Oil Well Completions

Total estimated oil well completions also increased 19 percent from the first quarter of 2017. Growing well completion figures could lead to an increase in U.S. oil production, which rose 62 percent from 2010 to 2016, and U.S. natural gas production which, also increased 26 percent during the same time.

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