Oil and gas extraction surged in December from a month earlier, but the companies moving more crude out of the ground are drilling fewer wells. Getty Images The oil industry is at a crossroads. Figures in the Federal Reserve’s December industrial production report show oil and gas extraction surged last month, rising 2.8% from November. But the same companies that are pumping more crude out of the ground are drilling fewer wells. Drilling activity sank 1.9%, the third consecutive monthly drop. The mismatch in activity follows a crash in oil prices. Crude has lost more than half of its value since the summer amid booming U.S. production and weak global demand. Global Brent crude contracts traded below $50 a barrel on Friday . “The continued rise in oil output suggests the marginal cost of production is below $50, so if OPEC wants to hurt U.S. shale output […]