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Verify: Texas oil is the new gold rush

Texas oil

Texas oil is the new gold rush: Men work 100 hours a week. Roads are a mess. Electricity can be in short supply. But “anyone with a pulse” can make $100,000. You won’t believe what’s happening in the Permian Basin.

PECOS, Texas — Welcome to the Permian Basin, six hours west of Dallas.

Compared to the last West Texas oil boom in 2014, there’s almost four times more oil flowing in the Permian Basin.

Oil and gas companies have turned this dusty, desert landscape into a heavy industrial zone. Small towns, once sleepy, are now exploding. The pace is so frantic, I want to know if Texas has the infrastructure and resources to keep this up?

LEAVING PECOS

It’s 5:30am, in Pecos, Texas, and I’m meeting up with Jesse Lane. He’s been working in the West Texas oil field for two years as the operations manager of Nimble Crane.

“Anything heavy that needs to be moved in the Permian Basin, we pick it up,” he tells me.

“Which is a lot of stuff out here?” I ask.

“Everything,” he says.

Most of the guys out here work 21 days with seven days off. It’s common to clock 100-hour work weeks. Workers live in pop-up trailer parks or portable motels called “man camps.”

Jesse told me I wouldn’t believe what’s going on unless I saw it for myself. So I came. We started our tour by checking out a few gas stations in town where heavy trucks are lined up to get fuel.

“So, it’s 5:45 in the morning and look at the line to get fuel. In this little town where there should be nothing going on,” Jesse says.

We’re making our way west, from Pecos to the town of Orla, deeper into the oil fields. We make a left turn onto a highway that’s jammed with oversized trucks.

“Left turn into traffic. Wrong time of day,” Jesse tells me as we wait. “Everybody right with Jesus? It’s the wild west, man,” Jesse says.

As the sun rises, traffic on the two-lane highway is completely stopped. We’re a half-mile from Orla, population 56. There’s a four-way stop in town and hundreds of heavy trucks all need to squeeze through.

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Source: WFFA.com

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Ohio shale investment hits $74 billion since 2011

Ohio Shale Investment Hits $74 Billion Since 2011

Investment in the energy-rich shale sector in eastern Ohio continues to grow. It is reaching $74 billion since 2011, according to a report commissioned by JobsOhio.

The quarterly report is by Cleveland State University’s Energy Policy Center at the Maxine Goodman Levin College of Urban Affairs. It shows that about two-thirds of that investment has been in drilling, land acquisition, building roads, and other expenses. It is tied to the “upstream” portion of oil and gas production.

The rest has been spent on activities such as collecting and gathering oil and gas. Along with it is the transmission lines and investments in natural-gas power plants and other uses.

The study represents investment through the first half of 2018. It comes just weeks after researchers at IHS Markit released estimates that show by 2040, the Utica and Marcellus shale regions in Ohio, West Virginia, and Pennsylvania will supply 45% of U.S. natural gas production. That’s up from 31% this year.

Production of natural gas liquids ethane, propane, and butane is expected to double during this period, accounting for 19% of the nation’s total.

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Source: The Alliance Review

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Top Heavy Oil Markets Continue To Rally

Top Heavy Oil Markets Continue To Rally

U.S. West Texas Intermediate and international-benchmark Brent crude oil managed to eke-out a small gain for the holiday-shortened week. With that, two-sided price action indicated cracks may be developing in the bullish narrative.

Despite hitting a new five-month high earlier in the week, the crude oil markets experienced a slight downturn towards the end of the week. However, Thursday’s gains managed to prevent the markets from closing lower for the week. This volatility suggests that the market may be top-heavy, indicating a potential reversal or correction in the near future. It is important to note that the below-average pre-holiday trade may have had an impact on the overall trading activity and market performance.

Crude Oil Prices Reached a Five-month High Earlier | Top Heavy Oil Markets

The fact that crude oil prices reached a five-month high earlier in the week indicates a strong bullish sentiment in the market. This can be attributed to various factors such as geopolitical tensions and supply disruptions. However, as the week progressed, the market witnessed a slight decline, raising concerns about a potential reversal. Despite this, Thursday’s gains provided some relief and prevented the market from ending the week on a negative note.

Although the market’s performance this week suggests a top-heavy market, it is crucial to consider the influence of below-average pre-holiday trade. With many market participants taking time off ahead of the holiday season, trading volumes and liquidity might have been lower than usual. This could have contributed to the increased volatility and fluctuations in the crude oil markets. Therefore, it is essential to analyze the market dynamics in a comprehensive manner and consider the potential impact of external factors on the overall price action.

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Go to tha Article Main Source: OilPrice.com

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