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Total well completions for 2014 to date are more than 4,000 above the completions for this time in 2013.Texas crude oil production in October averaged 2.25 million barrels per day, significantly higher than the 1.75 million barrels per day average in October of 2013.
Throughout the month of October, Texas fracking fields cranked out 68,675,000 barrels of crude oil, up more than 14 million barrels from October of 2013, hardly a picture of an industry shaking in its boots at the Saudi strategy.
Texas fracking fields cranked out 68,675,000 barrels of crude oil, up more than 14 million barrels from October of 2013, hardly a picture of an industry shaking in its boots at the Saudi strategy.
originally posted by: buster2010
Kind of puts a hole in the we really need the Keystone pipleline to go through argument huh? here's the link yours is broken.
Texas Oil Production Remains Strong Despite Saudi Price Pressure
originally posted by: OrphanApology
If the price per barrel goes back up, which I personally believe it will after the turn of the year...they will be fine. It's when the oil prices stay at a low suspended status that you will see issues within this sector.
originally posted by: bigfatfurrytexan
a reply to: quercusrex
I may have the number off a little bit, but it is generally considered that drilling happens when oil is at/above $100bbl.
The government is willing to subsidize $60bbl
We still have some downward movement to make.
The bottom line of the whole situation: without oil production, America really doesn't have much economy to speak of. Outside of the money laundering that the banks do for the cartels.
Driving down US 87 between Lamesa and Ackerly, I saw no fewer than 7 drilling rigs at all times. The boom is 100% full force right now. Folks worry about a bust because of the low price of oil....but oil field service will still be a big employer in the area. There are an aweful lot of volatile wells producing prodigious amounts of gas. The natural gas treatment infrstructure is growing fast, but still not fast enough.
The US Government will prop up oil until summer, I think, and then let the natural travel peaks bring oil prices back up.