Now that the price of oil is once again climbing, there are some among the oil and gas industry who worry that the industry won’t be able to find enough qualified employees to fill the gaps in the field. After several thousand job losses between 2015 and 2016, the prospective pool of oil and gas employees is smaller than ever. However, there is room for hope, because two significant factors are working in favor of oil and gas companies throughout the world.
In the space of a week, Hurricane Harvey has flooded miles of real estate, displaced thousands of Texans, and shut down more than ten percent of the United States’ ability to refine and extract oil and gas. Even if you’re not being bombarded with wind and rain, the impact of Hurricane Harvey will still be felt for some time to come. In fact, the price of a gallon of gas has climbed 18 cents since Hurricane Harvey struck in late August.
That price hike is bad enough for the average driver, but a climbing gas price is just the catalyst for several more troublesome economic repercussions. Here’s what the experts are forecasting.
On Wednesday, August 2, Congress flexed unified legislative muscle for the first time in a long time by implementing a series of fresh sanctions against three countries whose behavior is increasingly worrisome: Iran, North Korea, and Russia.
It’s been a tough road for Nigeria as the oil-rich country has struggled to build up its energy industry. In spite of the nation’s ample resources and apparent willingness to commit themselves to oil and gas extraction, a small pocket of corruption has plagued the African nation’s development. Now, after years in the grip of a handful of scam artists, Nigeria is working its way back from the brink, and economic stability might be right behind it.
Over the last six months, the United States oil and gas industry has seen incredible expansion. In June of 2016, the industry claimed 431 active rigs operating in the US. As of June 30, 2017, that number had leapt to 940 active rigs. Seven hundred and fifty-six of those are pumping oil, and 184 are extracting natural gas. The rise in production represents thousands of new jobs created since July of last year.
The last week in June, the United States’ overall rig count fell by a single rig. After 23 straight weeks of robust expansion in which the US oil and gas industry has reached 940 active rigs, the sudden downturn might strike some as a sign of trouble ahead.
As the United States’ oil and gas industry continues to gain momentum, one of the most prominent performers has been Texas and New Mexico’s Permian Basin. Over the last few years, the Permian has come to represent the United States’ growing dominance in energy production. In recent months, however, some unexpected financial choices from some of the nation’s largest hedge funds have begun to make some investors wonder about the future of the Permian Basin.
Will the vast shale deposit continue to remain one of the United States’ most active oilfields, or does the future of oil and gas lie elsewhere in the nation?
The first major storm of the 2017 season has been sighted and it is inbound on the Gulf Coast and parts of the southern United States. This seemingly inevitable storm may have a notable impact on oil and gas operations in several states when it makes landfall later in the week.
It seems like drones are appearing more and more in our day-to-day lives. The United States government uses them in combat. Amazon is ironing out the wrinkles of a drone delivery system for its vast array of products. And now, the oil and gas industry is employing these flying sentinels to keep an eye on pipelines and projects across the world.
Get ready to meet the newest tool in the ongoing struggle to make oil and gas extraction safer, cheaper, and more efficient.
On Friday, Maryland’s Republican Governor, Larry Hogan, announced that he fully supports a controversial bill that would ban fracking throughout the entire state. Considering the high profile legislation that’s been making the rounds in Maryland’s Democratically-controlled state Congress, the announcement isn’t at all surprising.
Hogan’s support makes the Maryland fracking ban all but a certainty, meaning that Maryland’s oil reserves won’t be contributed to the nationwide stockpile. But, is that really such a bad thing?
Though most of the attention being paid to Alaska’s oil and gas landscape is focused on the controversial debate over whether to drill in the Alaskan National Wildlife Refuge, the state itself continues to yield impressive deposits of oil and gas outside that small stretch of land.