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.