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Gasoline Prices are Rising in Austin: What You Need to Know

As crude oil prices have risen recently, that means higher gasoline prices across the nation — and Austin drivers are feeling the impact.

The average price for a gallon of unleaded gas in Austin is $2.72. That’s up 14 cents from a month ago, when the cost was $2.58, according to a report from auto club AAA Texas. The statewide average price in Texas is currently $2.75 for a gallon of regular unleaded, which is up 13 cents from a week ago.

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.25 per gallon, while drivers in Corpus Christi are paying the least at $2.60 per gallon.

The national average price for a gallon of regular unleaded is $3.16, which is 6 cents more than a week ago.

Here are some more things you need to know about the rising gas prices:

Blame higher oil prices

The recent hikes in gasoline prices have been triggered by higher prices for crude oil, industry experts say. Prices for a barrel of crude oil increased from the lower $70s to about $80 just a few days ago. “Other factors impacting fuel prices likely include the cold weather snap over the weekend which analysts suggest could temporarily impact fuel deliveries as well as refinery operations,” AAA Texas said.

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Source: Austin American-Statesman

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texas oil and gas

Texas Oil and Gas Groups Highlight Job Growth, Wages, Tax Revenue

Upstream oil and gas employment in Texas continued to grow in November, with the sector adding 2,600 jobs versus October. This data is from the Texas Workforce Commission show.

October’s gain revision upward to 3,100 from the original estimate of 2,800. It is what thethe Texas Oil and Gas Association (TXOGA) innclude in its monthly summary of the data.

“Texas oil and natural gas producers adding jobs. On the other hand, it is continuing to help to meet our energy needs is a testament. A testament to the ingenuity, determinationand resiliency of this industry. It fuels our modern way of life”. This is whatTXOGA President Todd Staples was mentioning. “Texans value the indispensable role that the oil and natural gas industry play in our state’s economy. It also involves our budget and our communities.”

The group said upstream employment in the state has shown positive growth in 23 of the 26 months since the pandemic-induced low point of September 2022.

“In that time, the industry has added 52,900 Texas upstream jobs. It is an average growth of 2,035 jobs a month,” TXOGA said. “These jobs pay among the highest wages in Texas. With employers in the oil and natural gas paying an average salary of approximately $109,000 in 2021”.

The Texas Independent Producers and Royalty Owners Association (TIPRO) said the November job total of 209,900 was up by 37,600 positions. it is a comparison compared with November 2021. The year/year increase included 7,900 jobs in oil and gas extraction and 29,700 jobs in the services sector.

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Source: NGI

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Oil and Gas Drives Billions in Extra Funds for New Mexico in the Next Year

Billions of dollars in “new money” to the state of New Mexico was expected in the next fiscal year. It is due to the increase in oil and gas production in the southeast corner of the state. Moreover the oil-rich Permian Basin.

The latest report from the Legislative Finance Committee (LFC) showed about $3.6 billion in new revenue for the Fiscal Year 2024. It is running from July 1, 2023, to June 30, 2023. It shows a 42.7 percent growth from the FY 2023 budget.

That followed a steady growth in total revenue to the state. It is from about $9.7 billion in FY 2022 to $10.8 billion in FY 2023 and about $12 billion in FY 2024. This is according to the LFC’s December forecast.

Growth was fueled by oil and gas, analysts explained, as New Mexico maintained its position. They have the position as the second-largest producer of crude oil after Texas. Currently they are in the top 10 states for natural gas.

New Mexico shares the Permian Basin – which accounts for almost half of total U.S. oil production. They share it with Texas. The demand for domestic oil soared this year as the nation and world recovered from the COVID-19 pandemic.

Russia is not on the list of international markets following its invasion of Ukraine.

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Source: Carlsbad Current-Argus

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Oil Rises as China Recovery, U.S. Buyback Plan Brighten Outlook

Oil rises on Monday as the prospect of demand recovery. This is led by China’s loosening of the COVID-19 curb. Moreover, it is due to the United States’ decision to buy back oil for its state reserves. They gained the upper hand over global recession fears.

Brent crude futures LCOc1 gained 74 cents, or 0.9%, to $79.78 a barrel by 0458 GMT while U.S. West Texas Intermediate crude CLc1 was at $75.03 a barrel, up 74 cents, or 1%.

Both benchmarks plunged more than $2 a barrel last Friday. Following hawkish remarks from U.S. and European central banks on interest rates hike that sparked worries of a possible recession.

China, the world’s top crude oil importer, and No. 2 oil consumer is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions.

“The reopening optimism and accommodative policy improve oil’s demand outlook,” CMC Markets analyst Tina Teng said.

China’s abrupt end to its ‘dynamic zero’ COVID policy is breathing new life. This is into its ailing aviation sector, with average jet fuel demand jumping by 75%. Moreover nearly 170,000 barrels per day, in two weeks, according to satellite data firm Kayrros.

On Friday, news outlet Caixin reported that China plans to increase flights with the goal to restore the country’s average daily passenger flight volumes to 70% of 2019 levels by Jan. 6.

“The market will focus on the progress of demand resumption in China…the general outlook is positive but the path of recovery could be slow and bumpy given the severe COVID situation in the near term,” analysts from Haitong Futures said.

China also pledged to focus on stabilizing its $17-trillion economy in 2023 and step up policy adjustments to ensure key targets are hit, said its top leaders and policymakers at a closed-door two-day meeting for charting the economy’s course next year.

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Source: Oil & gas 360

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Leading Oil and Gas Companies Investing Billions in Permian Basin

Some of the Permian Basin’s leading oil and gas companies announced plans to continue increasing extraction operations and investments. This is even as oil prices dipped due to an impending global recession.

Much of the spending would go to decreasing the environmental footprint of fossil fuel extraction. Amid shifts in government policies and investor pressure for the industry to address pollution.

ExxonMobil, the parent company of Permian-leading XTO Energy said on Dec. 8 it planned to maintain up to $25 billion in capital expenditures (CAPEX) through 2027 while investing $17 billion in “lower carbon” initiatives – an increase of about 15 percent.

The company plans to focus its investments in the Permian Basin in U.S. This is along with other “high-return” regions like Guyana and Brazil, according to the announcement.

Upstream oil and gas production was expected to grow by about 500,000 barrels of oil equivalent (boe) per day. The company said, to a total of 4.2 million boe per day.

Most of that, about 50 percent, was expected to come from the high return regions in the Permian Basin and others around the world.

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Source: Carlsbad Current-Argus

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OPEC

OPEC Sees Robust Global Oil Demand Growth in 2023 After 2022 Chinese Contraction

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023. It is a with potential economic upside coming from a relaxation of China’s zero-COVID policies. This year have pushed the country’s oil use into contraction for the first time in years.

World oil demand in 2023 will rise by 2.25 million barrels per day (BPD), or about 2.3%. This is what the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report. The forecast was steady from November, after a series of downgrades.

“Although global economic uncertainties are high and growth risks in key economies remain tilted to the downside, upside factors that may counterbalance current and upcoming challenges have emerged as well,” OPEC said in the report.

“A resolution of the geopolitical conflict in Eastern Europe and a relaxation of China’s zero-COVID policy could provide some upside potential,” the report said in a separate section.

Chinese demand, hit by COVID containment measures, will average 14.79 million bpd in 2022, down 180,000 bpd from 2021, OPEC said. OPEC figures in another publication, the Annual Statistical Bulletin, show it rising in the 2017-2021 period.

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Source: Reuters

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Oil Rises to Over $80/bbl as Dollar Slumps on Slowing Inflation

Oil rises to over $80 a barrel on Tuesday. It recorded its biggest daily gains in over a month. As investors bought up risk assets after U.S., data pointed to slowing inflation.

The market was also buoyed by concerns about supply disruptions. It includes the ongoing shutdown of the Canada-to-United States Keystone crude pipeline. This was due to the following massive leak last week.

Brent crude futures settled at $80.68 per barrel, up $2.69, or 3.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $75.39 per barrel, up by $2.22, or 3%. Both contracts recorded their biggest daily gains since Nov. 4.

The dollar index plunged on Tuesday after data showed that underlying U.S. consumer price inflation rose less than expected last month, reinforcing expectations that the Federal Reserve will slow the pace of its interest rate increases on Wednesday.

A weaker dollar makes oil cheaper for holders of other currencies, which can boost demand.

“Nobody really saw that number coming in below expectations – a possible demand-positive event that put a bid in the market,” Mizuho analyst Robert Yawger said.

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Source: Reuters

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UAE To Expand Oil & Gas Production Capacity With $150 Billion Investment

With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming online. Yet, that’s precisely what the core gulf hub is proposing. According to Bloomberg, the United Arab Emirates – which in recent years has aggressively sought to diversify away from oil and to become the world’s crypto hub – will look to revert back to its core competency and plans to expand its global energy – and especially energy spending – to boost oil and natural gas production capacity. Abu Dhabi National Oil Co., also known as Adnoc, will invest $150 billion in the five years through 2027, it said in a statement Monday. That’s an increase on the previous spending plan of $127 billion over five years that was announced a year ago.

The spending spree will try to raise crude output capacity to 5 million barrels a day by 2027, earlier than the previous target of 2030, and comes at a time when Saudi oil giant Aramco is also planning to expand its output by 12 million by 2027

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Source: Oil Price

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Global Offshore Oil and Gas Pipeline Market to Grow by $3.75 Billion During 2023-2027

The global offshore oil and gas pipeline market is poised to grow by $3,754.62 million during 2023-2027, accelerating at a CAGR of 5.3% during the forecast period. The market is driven by the economic benefits of offshore pipelines than other oil and gas transportation modes, the surge in E&P activities, and rising global energy demand.

This report on the offshore oil and gas pipeline market provides a holistic analysis, market size, and forecast. Moreover are trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.

The offshore oil and gas pipeline market is segmented as below:

Product

  • Oil
  • Gas

Sector

  • Upstream
  • Midstream
  • Downstream

Geography

  • Europe
  • Middle East and Africa
  • APAC
  • South America
  • North America

This study identifies the advents in offshore pipeline inspection as one of the prime reasons driving the offshore oil and gas pipeline market growth during the next few years. Also, technological advents in offshore oil and gas pipelines and the increasing number of cross-border offshore oil and gas pipelines will lead to sizable demand in the market.

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Source: BusinessWire

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US. Oil Gas Rig Count Holds Steady This Week – Baker Hughes

U.S. energy firms this week left the number of oil and natural gas rigs operating unchanged for the first time since June, energy services firm Baker Hughes Co said in its closely followed report on Friday. The US oil and gas rig count, an early indicator of future output, remained unchanged at 784 in the week to Dec. 2, Baker Hughes said.

That puts the total rig count up 215, or 38%, over this time last year.

U.S. oil rigs held at 627 and gas rigs were at 155.

With oil prices up about 7% so far this year after soaring 55% in 2021 – and pressure from the government to produce more – several energy firms have boosted spending for a second year in a row in 2022 after cutting drilling and completion expenditures in 2019 and 2020.

However, many companies are focusing more on returning money to investors and paying down debt rather than boosting output and the weekly rig count increases have mostly been in the single digits since the start of the pandemic in March 2020.

U.S. crude production is forecast to only return next year to its pre-pandemic record of 12.3 million barrels per day hit in 2019.

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Source: Hellenic Shipping News

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