Industry News
The party may end soon: Economists predict a recession by 2020
The skies of the U.S. economy are clear and sunny, but many analysts see storm clouds on the horizon. By many measures, the economy is in its best shape since the Great Recession of 2007 to 2009. Employment hit an 18-year low of 3.8% in May. Average wage growth is widely expected to reach 3% by the end of the year. And the economy is projected to grow nearly 3% in 2018 for just the second time since the downturn. Yet the economic expansion is the second-longest in U.S. history, leading many economists to forecast a recession as early as next year. Half the economists surveyed last month by the National Association of Business Economics foresee a recession starting in late 2019 or in early 2020, and two-thirds are predicting a slump by the end of 2020. […] Read Full Article Here: http...
BIG OIL BOOMS: Texas Truck Drivers Make $140k, Forces Rising Wages in Other Industries
Big Oil is having an incredible impact, again, in Texas. Midland, TX is experiencing such a booming shale-oil economy that truck drivers are making more than $100,000. In turn, smaller businesses are forced to either raise their wages or extend hours to retain workers. But, this successful economy has what some say are a few downsides as well. With increased wages comes increased rents and labor shortages in public positions. Regardless, the region’s industry is providing bevy of economic benefits that could last for a very long time, reports the Los Angeles Times. Midland has an astoundingly low 2.1% unemployment rate due to the success of companies such as Chevron and Aveda Transportation & Energy Services Inc. Thanks to recent technology developments and decreased regulations, a swa...
Some Permian Basin workers get 100 percent pay raises as oil boom creates labor shortage
Jerry Morales, the mayor of Midland, Texas, and a local restaurateur, is being whipsawed by the latest Permian Basin shale-oil boom. It’s fueling the region and starving it at the same time. Sales-tax revenue is hitting a record high, allowing the city to get around to fixing busted roads. But the crazy-low 2.1 percent unemployment rate is a bear. As the proprietor of Mulberry Cafe and Gerardo’s Casita, Morales is working hard to retain cooks. As a Republican first elected in 2014, he oversees a government payroll 200 employees short of what it needs to fully function. “This economy is on fire,” he said from a back table at the cafe the other day, watching as the lunchtime crowd lined up for the Asian Zing Salad and Big Mo’s Toaster hamburger. […] Read Full Article Here: https://www.dallas...
Glut of Unemployed Petroleum Engineers, Geologists Shrinks by 12.5% – Report – Oil & Gas 360
Oil hiring swells in Texas, U.S. oilpatch Oil prices reached their highest point since December 2014 and companies in the oil and gas industry are hiring accordingly as activity in the industry picks up. LinkedIn’s workforce report for June details a year-over-year rise in hiring of 5.2%. The report details the strong correlation between oil prices and hiring within the industry.[Read More…] Read Full Article Here: https://www.oilandgas360.com/glut-of-unemployed-petroleum-engineers-geologists-shrinks-by-12-5-report/
Venezuela struggles with huge oil export backlog
Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals, according to shipping data, as chronic delays and production declines could breach state-run PDVSA’s supply contracts if they are not cleared soon. Read Full Article Here: https://www.reuters.com/article/us-venezuela-pdvsa/venezuela-struggles-with-huge-oil-export-backlog-idUSKCN1J22X9
OPEC meeting ‘might be one of the worst since 2011’ amid differences over supply
The forthcoming meeting between OPEC and non-OPEC oil producers, including Russia, could be one of the most fractious in recent years with competing interests and demands at play, according to oil market experts. OPEC’s production policy will dominate the agenda when the world’s major oil producers meet in Vienna on June 22, with arguments expected over whether to increase production or maintain supply as it is. Saudi Arabia and Russia are reportedly ready to increase oil output while others like Iran and Iraq are against such a move. As such, the discussions might not be pretty, […] Read Full Article Here: https://www.cnbc.com/2018/06/07/opec-meeting-on-june-22-likely-to-see-disagreements.html
Exxon Mobil criticized for worker rights and safety issues at annual shareholder meeting
Exxon Mobil faced heat over worker rights and safety at its annual meeting on Wednesday but it prevailed against several shareholder demands. Shareholders voted against four resolutions, including a call for greater clarity around the oil giant’s political lobbying activities. Union members had raised the concern, arguing that Exxon was implementing “complex and confusing” safety procedures aligned with a conservative group known for producing industry-friendly legislation. At the same meeting, shareholders approved executives’ pay package, with nearly 73 percent of voters supporting the measure. More than 90 percent also voted to re-elect the members of the board. […] Read Full Article Here: https://www.cnbc.com/2018/05/30/exxon-mobil-criticized-for-worker-sa...
The World’s Largest Oil & Gas Companies 2018: Royal Dutch Shell Surpasses Exxon As Top Dog
Royal Dutch Shell took the top spot among oil and gas companies on the Forbes Global 2000’s list of the biggest and most powerful public companies, surpassing last year’s leader Exxon Mobil Corp. The Anglo-Dutch oil and gas giant ranked 11th among all companies on the list, up from 20th the previous year, mostly because of higher sales due to lofty commodity prices. Irving, Texas-based Exxon came in at 13th, the same as last year. The Forbes Global 2000 is determined by a composite score of equally weighted measures of revenue, profits, assets and market value. San Ramon, Calif.-based Chevron Corp. was the third-biggest oil and gas company on the list with a 21st ranking compared with 359th the previous year, which it ended $431 million in the red because of lower commodity pri...
The Growing Force Of Digital Disruptions Sweeps Through The Oil And Gas Industry
Change is not something that is customarily in the DNA of oil and gas but IoT, Big Data, artificial intelligence, augmented reality and Blockchain are all buzzwords on the lips of executives in 2018 Read Full Article Here: https://www.forbes.com/sites/markvenables/2018/05/30/the-growing-force-of-digital-disruptions-sweeps-through-the-oil-and-gas-industry/#21c92e376d58
The ‘biggest’ change in oil market history: A shipping revolution could prompt crude prices to soar
The most prominent driver of oil prices over the next two years is likely to come in the shape of a shipping revolution, analysts have warned. Read Full Article Here: https://www.cnbc.com/2018/05/24/oil-prices-set-to-soar-ahead-of-shipping-revolution.html
Whatever Happened to Fracking?
Remember the good old days when experts decided that the power of the OPEC oil cartel to control oil prices had come to an end? That fracking had made the United States the swing producer, ramping up production any time prices started to rise? That the future of the world’s economy would be based… Read Full Article Here: https://www.weeklystandard.com/irwin-m-stelzer/oil-prices-are-sky-high-what-happened-to-fracking
Oil prices have come full circle since OPEC refused to cut output 3½ years ago
Brent crude is trading at the highest levels since Nov. 25, 2014, just before an OPEC meeting that tanked the market. Read Full Article Here: https://www.cnbc.com/2018/05/15/oil-prices-have-rebounded-since-opec-refused-to-cut-output-in-2014.html