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Economy
Texas's Permian Basin Beginning to Destroy OPEC
2017-03-21
Texas is once again making life difficult for OPEC.

The Permian Basin of Texas and New Mexico has emerged as the new poster boy of the U.S. shale oil revolution. Land prices in the Permian have skyrocketed, drilling activity has tripled since last year and production there is poised to soar despite cheap oil prices.

Some are even predicting this hotbed of shale activity could eventually surpass the colossal Ghawar field in Saudi Arabia as the world's biggest oilfield.

The Permian's rise on the global stage couldn't come at a worse time for OPEC, which just last November cobbled together a delicate deal to deal with the oil glut by cutting production...
Posted by:lord garth

#6  USGS fracking report reaffirms induced earthquakes.
Posted by: Skidmark   2017-03-21 14:07  

#5   Betcha, NM will manage to stay dirt poor.

Sorry g(r)om, that's the one thing NM will always be rich in.....dirt. They got more dirt than anything.

Brains, money, anything worth anything....not so much.
Posted by: AlanC   2017-03-21 08:45  

#4  Rayciss. And a crime against the environment. /sarc
Posted by: M. Murcek   2017-03-21 08:26  

#3  Destroy OPEC? Many deserve destruction and some are on their way. OPEC members are: Algeria, Angola, Ecuador, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, SA, UAE, and Venezuela. They have tried to screw the rest of the world for a long time.
Posted by: JohnQC   2017-03-21 08:23  

#2  "There's no doubt we've got too much oil. We're trying to figure out how to balance through that," Thummel said.
Posted by: Bobby   2017-03-21 07:36  

#1  Betcha, NM will manage to stay dirt poor.
Posted by: g(r)omgoru   2017-03-21 02:51  

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