“With oil prices at about half their summer 2014 level, will the investment continue to be profitable and boost production?…Despite highly productive new wells and an increase in the number of wells drilled per rig, U.S. oil production could decline from 0.7 to 8 percent in 2015, due in part to the significant decline in rig counts and depletion in existing wells.”

Nida Çakır Melek, economist for the Kansas City Fed.