Is The Permian Basin Seeing The End Of The Oil Boom (Midland: professionals, prices)

[FoodPornHater87]

A friend of mine sent me this article on Facebook from NewsWest 9 about the Oil Boom coming to an end.

Is the Permian Basin Seeing the End of the Oil Boom? - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Since oil prices have been slipping and that has had people in that area worried on if they will be seeing the end of the boom and how are oil producers and local businesses will be affected?

So I am asking is this is the Oil Boom near for the Permian Basin or has that ship long sailed for them.

[Exult.Q36]

Yes and no. The oil boom is over for now but when oil prices go back up the boom will return.

[Mark Senior]

Yes, over for the short term, whatever that is, but not long term most likely.

[Westerntraveler]

I think the boom has been over for a while.I am 100% certain that there will be another oil boom.Oil has always gone up and down

[davis449]

Being from the Midland, I will tell you that it comes and goes. So while it's down now, it will go up again. This is how Midland\Odessa grows it's infrastructure and somewhat diversifies it's economy (using oil & gas money) and always has.

[S544]

I was born in Odessa during the oil booms because my parents were recruited from the RGV of South Texas. Though their jobs were not related to the energy industry, they were medical professionals who benefited from the boom and increase demand in the medical field as Midland and Odessa grew. They left before the bust a little over 30 years ago.
Now a days after fracking took off as the recession took hold, I think another boom will come. Its not a matter of "IF" its just a matter of "when"

[AuburnAL]

For now. The drops in oil prices last year and earlier this year were due to Saudi Arabia trying to run US trackers out of business. I feel like their policy changed when the old king died as prices have been inching back up. This would have led to a more sustainable level of growth in U.S. Oil production. If a few countries unsanction Iran prices may fall. Ultimately, the Middle East is running now towards an open war (possibly nuclear) between the Gulf Arabs and/or Israel and Iran. I think it will be hard for the market to effectively price this risk into oil as the extent and timetable is just too wide open. So the short answer in my opinion is that another boom is coming that may well be much bigger than the last but no one knows when.

[Johnhw2]

National security improves with great oil and gas independence. The lower prices now are due to a middle eastern decision to produce enough Mideast oil to slow if not stop the new technique drilling production that has made their oil and gas less needed.

With policies that recognize lower cost energy benefits our economy and adds manufacturing jobs back to the USA we can take back our energy destiny and help our economy. Mideast eneegy has been a factor in wars and conflicts, the benefits I'm talking about don't even take these conflict cost into account.

Global cooling which is coming sure as it has for thousands of years is much more injurious to human life on earth than the thousand year old global heating cycles are.i we will need a reliable domestic source of energy for these certain times ahead......it maybe a long wait but it's coming if not here already.

So yes it will come back soon and sooner with the right energy policy.