SELMA, Ind. — It’s just a drop in the global oil bucket, but an eastern Indiana man is operating an oil well in his backyard in an effort to capitalize on soaring crude prices.
Greg Losh’s rig produces three barrels of crude oil a day, though he told FOX News that he hasn’t started selling it yet. For now, he and his partners are keeping it in storage containers.
He declined to say how much oil they’ve collected in the two weeks they’ve been pumping.
But as oil is going for about $127 a barrel on the international market, three daily would yield just under $400 a day for Losh on the global spot market — or 1/100,000 of the daily production increase the Saudis agreed to earlier this month.
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