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Commissioner Ryan Sitton’s Remarks
Last week Texas Railroad Commissioner Ryan Sitton addressed the March meeting of the Houston Association of Professional Landmen. His presentation, and answers to subsequent questions, proved quite interesting. Sitton observed that the vast majority of those of us working in the energy industry are relatively uninvolved politically. While most of us vote, even in primaries,… Read More
Rig Count Drop
“World Oil” reports that while the oil rig count continued to drop for the 15’th straight week, the most recent decrease is relatively small at 41. Oil production and inventories continue to increase, but at a decreasing rate. James Williams, president of WTRG Economics, observed that “While we’re still going to see declines on a… Read More
Downward Pressure on Prices Continues
Rising global production, record domestic inventories, and stagnant demand are proving a negative trifecta for crude oil prices. “World Oil” reports that we are nearing a 6 year low as a result. The U.S. Energy Information Agency reports that domestic production has reached 9.37 million barrels of oil per day (bopd), the most since 1983. … Read More
Oil Rig Count Continues to Slide
“World Oil” reports that the domestic oil rig count dropped for the 14’th straight week, the biggest retrenchment on record. The decrease of 56, down to 866, is the lowest level in almost four years. The crude oil price collapse has resulted in billions of dollars of reductions in energy investment, and the loss of… Read More
No Relief in Sight
Looking at recent articles in “World Oil” there appears to be scant hope of any crude oil price relief in the near future. Abdullah bin Hamad al-Attiyah, Qatar’s former energy minister, has indicated that OPEC will not change its policy of maintaining market share at the expense of crude prices. OPEC is not scheduled to… Read More
