We recently attended the 25th annual edition of NAPE in Houston, which was a bigger affair than in 2016 or 2017—and certainly this time around, the aisles were full of people in a more upbeat mood. It caused us to reflect on how much the oil and gas industry has changed in 25 years.

Yesterday, we wondered about peak oil supply and wondered where to drill next. Today we are fully engaged in the thrill of the drill. The U.S. has the geology, the technology and the capital to pursue ever more barrels of oil. The only limit appears to be diminishing returns as operators move into Tier 2 areas, having drilled up most of the Tier 1 locations.

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