Commodities
Permian Basin Drilling Activity Boosts Crude Oil Production
The Texas oil and gas industry is showing signs of improvement after a year-long period of employment decline.
A rise in crude oil prices has led to an increase in drilling activity, particularly in the Permian Basin. Karr Ingham from the Texas Alliance of Energy Producers notes that this uptick in production will eventually lead to lower gasoline prices for consumers.
Ingham highlights the connection between increased employment and rig activity: 'It takes more people to run more rigs and service crews and new fracing crews and new oil and gas resources.'