OPEC Receives a Painful Economics Lesson #OilmanNEWS 2017 September-October Alex Mills Contributors 

OPEC Receives a Painful Economics Lesson

The Organization of Petroleum Exporting Countries (OPEC) is getting a first-class education in the law of supply and demand, i.e. when supply outstrips demand prices decline. It has been a painful lesson. And it is not over. In November 2014, OPEC member countries decided not to cut production even though there was clearly an oversupply of crude oil on the… Read More
Russia Ran Campaign Against U.S. Oil, Gas Activity #OilmanNEWS 2017 September-October Alex Mills Contributors 

Russia Ran Campaign Against U.S. Oil, Gas Activity

Russia has been in the news just about every day this year. The top news story recently involves Russia’s involvement in the 2016 Presidential elections, which was highlighted in a Jan. 6 report issued by the Office of the Director of National Intelligence. The declassified version of the report, entitled “Assessing Russian Activities and Intentions in Recent U.S. Elections,” included an analytic… Read More
#OilmanNEWS 2017 September-October Alex Mills Contributors 

Oil, Gas, Coal Dominate U.S. Energy Mix

Even though renewable energy has been the darling of state and federal governments for more than a decade, the old fossil fuels—oil, natural gas and coal—continue to generate most of America’s energy. Fossil fuels have provided more than 80% of total U.S. energy consumption for more than 100 years, according to the Energy Information Administration (EIA). EIA released a report… Read More
Oil and Gas Activity Continues to Expand #OilmanNEWS 2017 September-October Alex Mills Contributors 

Oil and Gas Activity Continues to Expand

Oil and gas activity in Texas increased for the sixth consecutive month in May, increasing 5.7 percent over a year ago, according to the latest Texas Petro Index (TPI) released today. All leading TPI indicators registered year-over-year gains in May, with the rig count and well-permitting activity both notching sharp increases. The TPI increased 9.1 points from 159.8 in May… Read More
#OilmanNEWS 2017 September-October Alex Mills Contributors 

President Trump Holds Energy Week

President Donald J. Trump gets it.  He understands that domestic energy creates power; power not only to heat and cool our homes and fuel our transportation needs, but power to ignite America’s economy and increase our national security. The White House kicked off “Energy Week” on June 26, Monday, and the administration’s energy priorities were center stage. Energy Secretary Rick… Read More
#OilmanNEWS 2017 July-August Alex Mills Contributors 

Decline In Gasoline Prices Has Motorists Smiling

Although the average price for a gallon of gasoline in Texas averaged $2.11 for the week ending June 16, according to the Energy Information Administration (EIA), gasoline prices dropped below $2 in many locations across Texas. The national average was $2.318, a decrease of $0.048. California had the highest price at $2.996. Diesel prices averaged $2.489 in the U.S., with… Read More
#OilmanNEWS 2017 July-August Alex Mills Contributors 

Crude Oil Pricing Can Be Confusing

The factors contributing to the price of crude oil have confused many seasoned observers for years. Generally, supply and demand have been the most important considerations. For example, when there is an oversupply, prices decline, which increases demand and consumption. When demand increases and the oversupply turns into a shortage, prices increase, resulting in a decline in consumption, and the… Read More
#OilmanNEWS 2017-May-June Alex Mills Contributors 

Texas Oil and Gas Expansion Frustrates OPEC Production Cuts

Upstream oil and gas development in Texas rallied for the fifth straight month in April, according to the Texas Petro Index, which improved to 164.3 to post its first year-over-year increase in 27 months. Among TPI indicators logging big year-over-year gains in April were wellhead prices for crude oil and natural gas, the number of drilling rigs at work, well-permitting… Read More
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