Oil drilling and fracking are back in America — that’s the storyline out of the big annual oil industry confab in Houston this week. Crude oil prices have recovered from a two-year bust. The rigs are getting back to work. But a new location is the talk of the day. No, not Alberta, Canada, or North Dakota, but West Texas. That’s where a formation known as the Permian Basin has resurrected itself — again.

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