That poses substantial challenges going forward.
But a prolonged bust is unlikely, and New Mexico may be less affected than other places. That’s because the Permian Basin in West Texas and southeastern New Mexico remains at the forefront of the shale revolution, thanks to its rich resources, low production costs and the huge gushers that flow from wells drilled there.
the Permian Basin in West Texas and southeastern New Mexico remains at the forefront of the shale revolution, thanks to its rich resources, low production costs and the huge gushers that flow from wells drilled there.
Great news!
It’s the “Oil Patch” way.
As a field is finished and brought in to production most of the jobs fade away except for the maintenance jobs.
Yep, I was educated on "Peak Oil"
The words gushers and fracking go together like ugly beauty queen. (Notwithstanding the political correctness and quota consciousness that has gripped beauty pageants, of late).
The slowdown is the direct result of over supply.
Prices are dropping.
Most of these guys can make good money at $75bbl and below that they start to thin out.
A few years ago the oil industry in Kern county California said that they had pumped 10 billion barrels of oil since they started drilling. And they expect to pump another 10 billion more in the future.
You think there’s plenty of oil? Just wait until all the other oil producing countries start using our fracking methods. There is going to be a glut the likes of which Noah himself would be unable to describe.
If there's a worldwide glut of oil it's understandable why producers might lower production but our shale reserves dropping doesn't jibe with what I've read recently.
Just not the demand there. Need a better world economy.
China making a big investment in fracking.
Nuclear and micro nuclear are the long term future. Earth processes from the core are the present and foreseeable future. Let the alarmists scream and pout, but don’t be one of them.
Low gas prices for the family car. It’s just the right thing to do, help the average joe with his wife and children. The rewards will be eternal.
The Bakken alone has more than ten times the proven reserves of Saudi Arabia. And the oil is light and sweet. Not only is there plentiful oil, there are enormous amounts of natural gas that come up with the oil.
The reason that it took so long for the technology to come to fruition to tap into these reserves is because it was not economic. The average cost to bring a barrel of oil out of the Saudi desert is $6 whereas it’s on average $30 a barrel in the US.
If there is a decline in New Mexico, it’s likely die to a lack of pipelines and associated infrastructure. the infrastructure is still embryonic in the US. But that is changing.
Yeah, this smells like fake news.
The US Government needs to be pushing oil and natural gas sales to other countries.
The Saudi dream is to get price low and run USA rigs out of business. Who buys them at that point...companies owned by Saudi.
T Boone Pickens said this was the Saudi strategy