Energy Firms Playing 'Musical Rigs' as Counts Drop Again

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Lone Star Stories

Energy Firms Playing 'Musical Rigs' as Counts Drop Again

U.S. energy companies reduced oil and natural gas rigs for the second consecutive week, resulting in the lowest count since March 2022, as reported by Baker Hughes. This decline is attributed to producers' controlled spending since the 2020 downturn and softer oil and gas prices, with shale activity predicted to drop in August for the first time since December.

Texas Gas Prices Play Catch-Up, Still Cheaper Than Last Year's Roller Coaster Ride

The average gas price in Texas is currently $3.21 per gallon of regular unleaded fuel, marking a 2 cent increase compared to the previous week and 77 cents less per gallon than the same time last year. Despite the increase, fuel prices remain significantly lower than last year when crude oil was at $98 per barrel and Texas' gas price average nearly reached $4 per gallon, though prices could rise further if crude oil prices stay high and fuel demand remains strong.

Reader Question of the Day

How does oil refining work and what are the major products derived from this process?

Oil refining is a process that turns crude oil into a variety of useful products. It begins with desalting and dehydration to remove impurities. The oil is then subjected to distillation, where it's separated into different components based on their boiling points. Heavier components are often further broken down in a conversion process into smaller, more valuable molecules. After impurities are removed in a treatment stage, the oil fractions are blended and additives are incorporated to create the final products.

The main products from oil refining include gasoline (for internal combustion engines), diesel (for diesel engines), jet fuel, heating oil (for furnaces and boilers), lubricating oils (for engines and machinery), asphalt (for road construction and roofing), petrochemical feedstocks (for producing chemicals, plastics, synthetic materials), and gases like propane and butane (for heating, cooking, and some industrial processes). The specific mix of products can vary based on the type of crude oil and the refinery's specific setup.

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