gas and oil production

There is an upside to lower oil prices. StateImpact Texas takes a look at consumer trends. Lower prices at the pump might mean more tourists for gems like Palo Duro Canyon.

forbes.com

When the price of oil goes down too much, oil producers can't afford the expense of drilling. Rigs are parked. Workers are laid off. That impacts the entire listening region.

Business Insider reports Helmerich & Payne recently announced it would idle 50 more drilling rigs in February, after having already idled 11 rigs.  Each rig accounts for about 100 jobs. This will cut its shale-drilling activities by 20 percent.

eia.gov

Have you ever wondered how much energy your state produces, consumes, and expends?  The U.S. Energy Information Administration has created a series of state level maps detailing these facts. 

Here are some quick facts:

COLORADO

iraqenergy.org

The price of a barrel of oil is in a free fall according to KUT News.  The U.S. oil benchmark West Texas Intermediate fell below $50 early this week... matching levels of spring 2009.

The drop is linked to OPEC’s boosted production and a stronger dollar. 

OPEC member nations production increases are an effort to protect their market share and undercut American profits.  Both Iraq and Russia are producing crude at record levels.

The dollar’s increased value is at a nine year high against the euro.  Reasons for that gain are renewed instability in Greece and the possibility that the European Central Bank could introduce quantitative easing to stimulate the eurozone.

Courtesy of wikipedia

Harvest Public Media was created four years ago to report on agriculture and food production in the geographic area where the majority of that takes place – the Midwest. This year, my third of counting the top ag stories of the year, I find that the issues taking center stage were set not here, but in the politics, policies and processes of Washington D.C., state legislatures or the ballot box.

The upcoming mid-term elections could help end the ban if Republicans take control of both houses of Congress.

auvet/Flickr

The Oklahoma Legislature passed a bill making tax incentives for oil and gas production permanent.

Governor Mary Fallin is expected to sign the controversial legislation, despite threats of a constitutional challenge posed by an Oklahoma City attorney.

JOE WERTZ / STATEIMPACT OKLAHOMA

The Kaiser-Francis Oil Company is like other Oklahoma energy empires in many ways.  It’s been created by entrepreneurs who pulled themselves up by the bootstraps.  It’s ruled by a billionaire CEO who has weather storms of controversy and showers of praise, but the Tulsa-based exploration and production company is different.  It isn’t pushing for oil and gas tax cuts according to a recent article from StateImpact Oklahoma.

kuhf.org

The Texas oil and gas boom is bringing in the money, but it’s also bringing in the scammers.  KUHF News reported the person running the company gathering investors might be a felon, and that's okay with the State of Texas.

Oil and Gas Production: U.S. Leads the World

Oct 9, 2013
EIA

The current domestic drilling boom has brought plenty of jobs, traffic and concerns about pollution and sustainability. It’s also put the U.S. in a position that was unimaginable a decade ago: this year, the U.S. will be the number one producer of oil and gas, according to the federal Energy Information Administration (EIA) according to State Impact Texas.