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Texas Councilman Positive On Regions Oil Rebound, Says 'This Is A Downturn Not A Funeral'

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Texas Councilman Positive On Regions Oil Rebound, Says 'This Is A Downturn Not A Funeral'

The Texas Tribune’s Kiah Collier reported on Texas’ Permian Basin and interviewed two key players in the region’s oil economy as crude oil prices approach $50.00.

“Nowhere in the United States is there another oil province as prolific and substantial” said Don McClure, an independent oil producer in the Permian Basin. According to the Tribune, the Permian basin has more than 130 rigs still operation, more than any other mainland basin in the United States.

“Communities in the Permian are far more familiar with the boom-bust cycle than those in [other] energy producing regions like South Texas’ Eagle Ford Shale where only a few dozen rigs are still operating” said McClure.

Robert Rendall, currently serving the Midland Development Corporation, was interviewed by The Texas Tribune on the Midland economy. Despite falling oil prices, the Permian Basin saw companies such as Chevron Corporation (NYSE: CVX) “continue to make really long term commitments” Randall said. In addition to corporate growth, communities have been defying estimates of population decline by increasing their school district side by 300 rather than estimates of losing 700 according to the Tribune.

At time of writing, West Texas Intermediate crude oil traded at $49.01.

 

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