oil & gas

Tim Evanson / Flickr Creative Commons

Like other High Plains states, Colorado’s oil and gas economy is in a position to help propel it forward.

As The Denver Post reports, oil prices rose after recent OPEC production cuts and are now high enough to motivate producers to put more rigs to work and translate into more domestic production, said Erica Bowman, chief economist with the American Petroleum Institute.

FuelFix

Protesters have been amassing in West Texas, down near Big Bend, to challenge the construction of yet another oil pipeline.

As FuelFix.com reports, the activists are setting up to oppose the Trans-Pecos Pipeline. The protest camp is made up of a combination of environmentalists and ranchers who own the land where the pipeline is being built. The pipeline is being constructed by Energy Transfer Partners, an outfit in Dallas.

Creative Commons

After finally rising to over $50 dollars a barrel, oil prices have begun to slump again as U.S. producers continue to expand output.

As Bloomberg reports, U.S. drilling rose last week to its highest level in over a year. The expanded production comes after OPEC followed through on its promise to ramp down production. In the wake of the OPEC announcement, Russia also cut its drilling operations.

The Oklahoman

The number of new oil rigs has soared recently in Oklahoma, as well as nationwide, The Tulsa World reports.

The rise of the rigs can be attributed to recent optimism in the oil and natural gas sectors.

According to the oilfield service company Baker Hughes, the number of rigs in the U.S. jumped by 35 this week. That’s the largest weekly gain in almost five years. Oklahoma added seven new rigs.

Sarah Craig/Faces of Fracking / Flickr Creative Commons

In response to the fracking boom, the Obama administration set forth regulations to limit fracking on public and tribal lands. The rules marked the administrations most concerted efforts to control the controversial method of extracting oil and gas. But those regulations have been challenged by oil-friendly states, and have been stalled in federal court for years.

HITCHHACKING / Flickr Creative Commons

When OPEC curbed production last year, oil producers on the High Plains saw a potential end to the slump that has crippled small-town communities in the Texas and Oklahoma Panhandles.

Bloomberg News

Last year saw the worst oil downturn in a generation. Exploration outfits slashed spending, and oil discoveries were the lowest they’d been since the 1950s.

But, as Bloomberg reports, the good news is there’s probably nowhere to go but up.

In 2016, oil companies discovered about 14 percent less oil than they had in the previous year—and 2015 was itself a slow year for exploration. Last year’s discovery total was America’s lowest since 1952.

Joe Mabel

Want to know what a green alternative to regular diesel is? Used vegetable oil.

EGE of Minneola, Kansas takes used cooking oil from over 200 restaurants in Kansas and parts of Oklahoma and converts it to biodiesel, the Dodge City Globe reports.

Wesley Orr, who works for EGE recently gave a small group from Pratt, Greensburg and Minneola a tour of the facility.

Gas prices continue to steadily increase

Jan 5, 2017
AAA

According to AAA, the national average gas price as of Tuesday was $2.34 per gallon, the highest New Year fuel prices since 2014. 

Eddie Seal / San Antonio Express News

Texas oil production is on an upward trend, reports the San Antonio Express News, and oil and gas producers in the Lone Star State are hoping the upswing will continue into 2017.

Rafael Aguilera / Texas Tribune

In the wake of the collapse in oil prices over the past several years, Texas and Oklahoma have seen a different kind of boom. In these states, there’s been a surge in abandoned oil drilling sites.

To make matters worse, the areas that generally have abandoned rigs generally don’t have the funds to clean the sites. As The Texas Tribune reports, wildcatters have been punching holes in the hard West Texas caliche for almost a century.

Ed Schipul / Creative Commons

Oil and gas officials in Oklahoma continue to celebrate OPEC’s decision to reduce its output, reports The Norman Transcript.

As Oklahoma Independent Petroleum Association President Mike Terry put it, “The move is good news for Oklahoma, where the oil and natural gas industry is the backbone of the state’s economy.”

Jessica Rinaldi / Reuters/CSM

For years, analysts feared the world had reached a peak in the supply of crude oil, and that supplies would begin to diminish rapidly as demand increased, sending prices skyrocketing. This situation is known to analysts as “peak oil.”

Now, as The Christian Science Monitor reports, the opposite phenomenon may be occurring. That is, the world may reach peak demand before it ever gets a chance to hit “peak oil.”

CNBC

Oklahoma oil billionaire and fervent Trump supporter Harold Hamm is tempering some of his optimism about the prospect of an oil boom under Trump.

In a speech at the Republican National Convention in Cleveland last summer, Hamm predicted that U.S. oil production would double under Trump, creating thousands of new jobs. In the wake of OPEC’s decision to cut production, Hamm said on Thursday that he believed U.S. fracking operations could double output if they went “flat out.”

Ars Technica

Oklahoma’s earthquake rate has declined significantly since late May, reports Ars Technica. And things should be improving even further, according to a new study from Stanford University.

The improvement comes after the Oklahoma Corporation Commission ordered wastewater injections to be reduced earlier this year.

AFP/Getty Images

This week saw good news for High Plains oil producers, and bad news for consumers at the gas pump.

As Fortune reports, the Organization of Petroleum Exporting Countries agreed Wednesday to curb its output by some 1.2 million barrels a day.

Bloomberg News

The Organization for Petroleum Exporting Countries, otherwise known as OPEC, will meet this week to determine whether the group will curb production. High Plains oil producers are watching anxiously, in hopes OPEC will ramp down production.

Such a move would likely send worldwide oil prices higher and increase profits on the High Plains—while also raising gas prices for consumers.

Ars Technica

Attorneys in Oklahoma are laying the groundwork for a massive class action lawsuit surrounding the recent profusion of earthquakes in the Sooner State.

Meclee / Wikimedia Commons

As The Dallas Morning News pointed out this week, it’s possible that a Trump administration could cause oil prices to drop even further.

Trump has indicated that, in his first 100 days, he’ll “absolutely 100 percent” approve plans for the Keystone XL pipeline from Canada to Texas. The problem with this plan is, it will only serve to introduce more crude into an already glutted world market.

oilprice.com

High Plains oil producers received a tough blow this week, as oil prices fell once again on a persistent oversupply of worldwide crude. 

According to OilPrice.com, recent data suggests that the world will soon touch a milestone rate of oil consumption: 100 million barrels every day. In a normal world, increased demand would mean increased profits.

Getty Images

Big oil is investing big time in technologies to capture and store greenhouse gas emissions.

As Bloomberg reports, some of the world’s biggest oil companies are investing $1 billion to develop methods to improve energy efficiency. The investment is a joint effort from 10 of the world’s largest oil and gas companies, including Saudi Arabian Oil Co. and Royal Dutch Shell Plc. The companies hope to deploy low-carbon technologies on a large scale.

Audra Cornett / CBS NEWS

Many schools in Oklahoma have switched to a four-day school week this year, reports CBS News.

In fact, as many as one on three of Oklahoma’s school districts are now closed on Mondays. Most of those school districts are in rural and poor parts of the state. The closure come in the wake of a 70 percent drop in oil and gas prices, a situation stretching back to 2014.

oilprice.com

Texas’s crude oil output inched up in August to 2.4 million barrels per day. Analysts say this is the sign of a continuing—if hesitant—recovery in the Lone Star State.

All told, Texas is producing .5 percent more oil this year than last year. As a West Texas rigger might say, .5 ain’t much, but it’s somethin’.

etfdailynews.com

Climate change could be having an adverse effect on natural gas prices.

As The Wall Street Journal reports, warm October weather has sent natural gas demand lower this month. Half of U.S. homes use natural gas for winter heat. But yhere simply hasn’t been a need for heat yet in many parts of the country.

Eric Kayne / The Wall Street Journal

The Lone Star State has long been seen as a boon to the U.S. economy. But as of late, reports The Wall Street Journal, Texas has become a drag on the nation’s fortunes.

It wasn’t long ago that the state’s energy resources helped keep the U.S afloat. The boom was led, in large part, by the fracking revolution. But ever since the collapse in oil prices, Texas job growth has become stagnant. And Texas has become something of an albatross.

Smiley N. Pool / Getty Images/NY TImes

As the East Coast deals with the aftermath of Hurricane Matthew, oil analysts are worried about the effects such a storm might have on the Texas oil and gas industry.

As The New York Times reports, few American cities are more vulnerable to hurricanes than Houston and Galveston. And none of the other cities are as crucial to the economy. A massive hurricane ramming into the Texas coast could have global economic consequences.

David McNew / Getty Images

The State of Oklahoma is asking its citizens to pray for the oil industry, reports The Week magazine.  The statewide prayer initiative will culminate on October 13th with a special breakfast event in the capital, known as Oilfield Prayer Day.

Creative Commons

The oil sector has seen gains recently, reports The Wall Street Journal, and reached a three-month high on Monday.

Prices have been rising on optimism spurred by an OPEC-production deal. After meeting in Algeria, OPEC leaders announced that they would coordinate a reduction of output to 33 million barrels a day.

Digital Globe / The Washington post

Many energy experts from around the world have been wondering, exactly how much crude oil has China been stockpiling?

Gary C. Caskey / UPI

Texas crude oil production looks like it may be on the road to recovery, reports UPI.

Even so, output is still lower than last year, according to the Texas Railroad Commission. July’s daily production rose to 2.4 million barrels of oil per day. That’s three percent higher than it was two months previous.

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