oil production

Frac sand in demand with uptick in oil rigs

Feb 20, 2017
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With an uptick in oil rigs, concerns about the supply of frac sand, the key component of drilling, are also arising.

As Business Insider reports, oil producers have added hundreds of rigs in U.S. oil fields from Texas to North Dakota. A couple of weeks ago, the U.S. rig count hit 591, the highest since October of 2015.

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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.

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Oil prices will likely continue to rise following a meeting between OPEC and non-OPEC oil producing countries Saturday.

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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.

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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.

Ibraheem Al Omari / Reuters

Oil prices are set to plunge again, reports quartz.com. Oil producers gathered in Doha this weekend in an attempt to freeze production in the glutted crude oil market. With the news of the proposed production freeze, oil prices had recently soared by more than 30%. But the various oil interests failed to reach an agreement.

The United States is the world's top oil producer, even ahead of Saudi Arabia. Most of the oil is accessed by fracking, and that's expensive. How will falling prices impact the drilling industry in states like Texas?

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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.

Michael Stravato / nytimes.com

Small, abandoned refineries dot the High Plains, but the domestic oil boom of domestic light-crude is breathing new life into some of them said a recent article in the New York Times.  

State Impact Texas

If Texas were its own country, it would be one of the top producing nations in the world reported State Impact Texas.  When you take a look, almost the entire state has some degree of oil production.