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High Oil Prices Continue To Drive Gas Prices Steadily Upwards

CULVER CITY, CA - APRIL 25: Car lights are seen streaking past an oil rig extracting petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California. Many of the old unprofitable wells, known as 'stripper wells', are located in urban areas where home owners are often outraged by the noise, smell, and possible environmental hazards associated with living so close to renewed oil drilling. Since homeowners usually do not own the mineral rights under their land, oil firms can drill at an angle to go under homes regardless of the desires of residents. Using expensive new technology and drilling techniques, California producers have reversed a long decline of about 5 percent annually with an increased crude flow of about 2 1/2 million barrels in 2007 for the first time in years. (Photo by David McNew/Getty Images)
High Oil Prices Continue To Drive Gas Prices Steadily Upwards : News Photo
High Oil Prices Continue To Drive Gas Prices Steadily Upwards : News Photo
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Credit:
David McNew / Staff
Editorial #:
80864668
Collection:
Getty Images News
Date created:
April 25, 2008
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Source:
Getty Images North America
Object name:
51823465