Oil Companies Are Preparing For An Oil Boom

Now that oil prices have nearly doubled from their February lows, the key will be whether frackers in the Permian start pumping like crazy again. Oil and gas industry in Texas is about to Boom

texas, usa – June 21, 2016 /PressCable/ —

The discovery and development of Texas oil and natural gas fields was and is a continuing economic boom to Texas. It allowed economic diversification, establishing a Texas industrial base with the construction of oil fields, pipelines, refineries, railroads, port facilities, and their attendant support industries. The Texas “oil boom” allowed the creation of epic amount of jobs in Texas. However, this “bonanza” was crushed when oil prices collapsed.

The industry has been spending more than it is earning since the oil price slump towards the end of 2014. This is not sustainable and companies have been faced with some very difficult decisions. To survive, the industry has had no choice but to improve its performance. It is looking to find efficiencies to restore competitiveness, to attract investment and stimulate activity in the North Sea. With up to 20 billion barrels of oil and gas still to recover, this region is still very much open for business.

Now that oil prices have nearly doubled from their February lows, the key will be whether frackers in the Permian start pumping like crazy again. That’s what happened in early 2015, when oil prices had recovered a little bit. The extra pumping deepened the big supply glut and caused oil prices to eventually crash to a 13-year low of $26 a barrel. Today, The Texas Oil and Gas Industry is gearing up for a massive oil boom.

Brent crude is currently trading at around $50 a barrel, less than half the price it was in 2014 when jobs linked to the sector peaked at over 450,000. Jobs supported fell drastically. The price of crude oil will continue to rise due to the depleting crude oil inventories. When the numbers come together from combing the demand for gasoline, and the lower production numbers it will produce the perfect storm for the oil and gas job seekers

Crude oil prices rise to their highest level since early November 2015, though they’ve pulled back a bit over the last few days. Nevertheless, West Texas Intermediate oil is up more than 70% since its low for the year on Feb. 11, while Brent, the international benchmark set in London, is up more than 50% since its 2016 low on Feb. 9.

The popular Texas oil Jobs listing site, Texasoilcareers.com has stated that jobs are starting to flow, and that they are listing new fresh extremely profitable career opportunities every day. ‘Jobs in Texas are about to boom, every day more and more oil and gas companies are contacting the site to look for the most experienced oilfield workers’. Read more at http://texasoilcareers.com. This is a good time to start looking for a job in Texas.

For more information, please visit http://texasoilcareers.com

Contact Info:
Name: Cecilia Evans
Organization: Texas Oil Careers

Release ID: 119101