In spite of its demand as a global commodity, the price of oil can be wildly unpredictable. A jumble of geopolitical forces, environmental factors and seasonally fluctuating demand combine to make oil’s future prices anything but certain. But the cost of drilling for that oil – that’s a different story.

Whether oil prices are up or down, the costs of getting to that oil can be reliably predicted to become ever more expensive. And a significant component cost of oilfield exploration is the specialized equipment that’s required. In many situations, engineering innovation helps to contain costs rather than contributing to the incessant upward spiral. Read Article