Analyst: Oil production should grow, despite erratic crude prices

May 13, 2015
Photo: Drilling near homes in suburban Denver (AP Photo)
This photo taken on Thursday, Jan. 19, 2012, near Frederick, Colo., shows oil pump jacks working on a property across from a subdivision.

Oil production activity is expected to grow in Colorado even with the fluctuating price of crude. That price was down slightly Tuesday to a little more than $60 per barrel.

That sharktooth pattern will likely continue, said Pete Stark, vice president of industry relations at the analysis firm IHS.

“I’m not predicting it’s going back down to $45 a barrel, but it could," Stark said. "The point is that there are enough unpredictable variables that we could see a bit of a see-saw pattern.”

Oil production in Colorado should grow this year because companies are increasingly focusing on cutting production costs and creating greater efficiency.