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Oil output has increased so significantly in Texas in recent years that if it was considered as a separate oil-producing country, Texas would have been the 12th largest oil-producing nation in the world for crude oil output in February (most recent month available for international oil production data) – just slightly behind Nigeria (2.4 million bpd), Mexico (2.6 million bpd), and Kuwait (2.65 million bpd). At the current pace of production increases, Texas will likely surpass the oil output of all three of those countries by the end of the summer.

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good news yes, waiting at the pump for big oil to drop the price is another story

cheezit wrote:good news yes, waiting at the pump for big oil to drop the price is another story

If the price drops too much, a lot of those wells will no longer be economical and will get capped off until market prices support their productions again.

I remember when all those nodding donkeys were standing still because it just was not economical to pump the oil.

We also need the Dollar to strengthen considerably before oil prices will come down.

RX8er wrote:

I remember when all those nodding donkeys were standing still because it just was not economical to pump the oil.

We also need the Dollar to strengthen considerably before oil prices will come down.

I don't want to start another heated discussion about what drives gasoline prices, but nobody seems to remember oil companies finding it hard to survive. The company I worked for divested every refinery they had east of the Mississippi along with their entire retail markets in the same area. They were among the leading retail marketers in the east, but it just wasn't profitable enough to stay. The Houston refinery was spun off and it was up to us to make it profitable. We became very innovative and turned around in a much shorter time than was anticipated. The mother company also burdened us with a huge repayment of the 500 million they wrote off for the facility. We survived and the refinery is still in business though it's had several transitions. We never did make the expected ROI.