Oil Prices Drop 20 Percent, Expenditures Rise 26 Percent

Oil Prices Drop 20 Percent, Expenditures Rise 26 Percent

Crude oil prices have weakened since 2022 but remain relatively strong, which enhances cash flow as production in the U.S. sets records. The West Texas Intermediate (WTI) crude oil price averaged $75.96 per barrel in the first quarter of 2023, a 20% ($19.21) decrease compared with the first quarter of…

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Alex Mills is the former President of the Texas Alliance of Energy Producers. The Alliance is the largest state oil and gas associations in the nation with more than 3,000 members in 305 cities and 28 states.


3 Ways Technology is Going to Shape the Oil and Gas Industry Free to Download Today

Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.

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