FIRST AIRED: May 23, 2017

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00:00:00
for almost two years now the selloff in oil has been all but unrelenting with prices so low the oil industry and had to cut costs and lay off more than a hundred thousand workers , but even in this new reality for the oil market one key lab in a hard hit North Dakota it actually hiring more staff , help find a more cost effective way to produce oil Reuters energy correspondent Ernie Schneider explains , I recently visited the energy , in Grand Forks North Dakota where scientists are trying to figure out how to use carbon dioxide emissions , to extract more oil from the state existing bokken oil wells , are trying to find ways to extract oil in a more environmentally friendly and financially friendly method they're hoping basically to keep the oil industry alive during these price doldrums , the ERC which is funded by several energy companies including chevron and continental resources , CO two project is the biggest , Schneider says it's a major undertaking but if the lab is successful it could be a game changer for the oil industry , it was a logical radio but if ERP figures out how to crack the code and all their work all that money in that research will be worth it , investment like these are looking more and more vital to the energy companies that have watched their stock prices plunged in the oil route , could even mean their survival