Crude Comedy: Barrel Bloopers and Drilling Doldrums

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Daily Bulletin

Lone Star Stories

• Crude Comedy: Barrel Bloopers and Drilling Doldrums

U.S. crude prices are nearing $90 per barrel amidst a significant drop in drilling activity and crude oil inventories, which have sunk over two million barrels from the ten-month low, putting the stockpiles about three percent below the five-year average.

• Texan Oil Tango: Jobs Booming and Wages Zooming

Texas upstream oil and natural gas sector has experienced a job boom in 2023, with 12,100 jobs added, seeing a particular surge in August, reflecting the robust demand for oil and natural gas locally and internationally. According to TXOGA, since the slump in September 2020, 51,500 upstream jobs have been generated, averaging a growth of 1,479 jobs a month, and these roles are among the highest-paying in Texas, with an average salary of approximately $115,000 in 2022.

Reader Question of the Day

How is the oil industry adapting to the increasing demand for electric vehicles and the potential reduction in oil demand?

The rise of electric vehicles (EVs) is like a big wave coming, and the oil industry is learning to surf! With more people choosing EVs, there’s less need for gasoline. So, oil companies are exploring new paths. They’re investing in renewable energy sources like wind and solar power. It’s like switching from selling bottled water to selling reusable water bottles—adapting to what people need and want.

Additionally, oil companies are researching and developing cleaner fuels and more efficient technologies. They’re also looking at products that we’ll always need oil for, like plastics and chemicals. It’s about being versatile and innovative, finding new ways to meet the world’s energy needs while caring for our planet. They’re not just oil companies anymore; they’re becoming energy companies, aiming to provide cleaner and more sustainable energy solutions.

Sources: 1