Expert: Oil needs to hit $75 a barrel before drilling speeds up

Tom Ward, co-founder of Chesapeake Energy, has exploded what has become a widely-held assumption—namely, that $50-a-barrel oil will inspire U.S. shale producers to resume drilling and possibly cause a retaliatory hike in Middle East production, reports Ship and Bunker. Speaking on CNBC's “Squawk Box,” Ward said oil has to reach about $75 per barrel before most drillers will ramp up production. Ward, now chairman and CEO of Tapstone Energy, said drillers need to outspend cash flow to increase production, but capital markets are essentially closed to them at current oil prices. For more, read the full story.