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Commodities Briefing - Categorized | Oil, Price Watch more

A Texas oil bubble could pop due to low prices

Posted on 04 November 2013

Bryan Sheffield, a third-generation oil wildcatter in Texas’ Permian Basin, knows what he’ll do if crude drops to $80 a barrel: shut down half his drilling rigs and go on a takeover hunt for weaker rivals.
He’s among producers who have invested $150 billion in the Permian since 2010, seeking a piece of a shale-oil trove estimated to be valued at as much as $5 trillion. As the money pours in, risks of a bust are mounting; some analysts forecast that crude is heading down to $70 a barrel next year………………………………………..Full Article: Source


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VRS - who has written 37561 posts on Opalesque Commodities Briefing.


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