|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
. | ![]() |
. |
|
![]() |
![]() by Daniel J. Graeber Austin, Texas (UPI) Mar 31, 2015
Preliminary state data show crude oil production in Texas is on the rise, though drilling permits for February are down 45 percent year-on-year. The Railroad Commission of Texas, the state energy regulator, reported total crude oil production for January, the last full month for which data are available, was 2.2 million barrels per day, a 15 percent increase over January 2014. Texas is the No. 1 oil producer in the nation. About half of all rigs actively exploring for or producing oil in the United States are in Texas. In February, the commission issued 827 new permits for oil and gas wells. The total number of drilling permits, however, was down 45 percent from February 2014. The low price of oil is forcing energy companies to spend less on exploration and production, the upstream side of the energy sector, and to cut back on staff. Many U.S. energy companies have headquarters in Houston. In January, the Federal Reserve Bank of Dallas said it was less optimistic about its outlook for the year because of the low price of oil. In its so-called Beige Book, the bank said demand for oil services in the Permian and Eagle Ford shale basins declined. Oil services company Halliburton announced cuts in staff from its Houston offices the same week. In its latest report on manufacturing, the Dallas bank said it expected "fairly weak" business conditions in the state.
Related Links All About Oil and Gas News at OilGasDaily.com
|
![]() |
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service. |