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The big wild card is whether a global recession materializes. oil production is still increasing, but it's not increasing as quickly as it once would have. oil companies are becoming a lot more restrained about production, and that could keep gas prices high over the longer term. For the next few weeks and months, gasoline analysts aren't predicting anything close to last year's sky-high prices.īut in the medium- and long-term, less investment in oil production means less supply, which drives prices up.Ī customer pumps gas at an Exxon gas station in Houston, on July 29, 2022. currently average a little over $3.50 nationally, more than a dollar lower than last year. And it's not great for consumersĪs usual, good news for oil companies is bad news for oil consumers – even if it's not currently visible from prices at the pump.

The impact on markets will play out for years, Croft predicts. 'They believe, over the medium term, that they are in a very strong position in the market, that shale companies do have to respond to shareholders who do ask for capital discipline,' says Helima Croft, global head of commodity strategy at RBC Capital Markets, who was in Vienna for the OPEC+ meeting. In fact, Saudi Arabia announced yet another voluntary cut in production over the weekend, while some other members of OPEC+ extended their own voluntary cuts. With shale producers keeping their growth in check, OPEC and its allies can cut output, pushing up prices, without risking a shale bonanza. producers will jump in to pump more crude, seizing more market share from the cartel. That means that any time OPEC+ considers cutting production, it has to weigh whether U.S. into the world's top's producer and an OPEC+ rival instead of just a customer. The shale revolution has reshaped global oil politics, turning the U.S. More discipline from American oil companies is also good for the global cartel known as OPEC+. That has positive economic impacts for individual companies, for oil-producing regions like the Permian and for a major segment of the American economy. More restrained investment means oil companies are less likely to suffer the busts that used to roil the industry.Īnd while oil prices are high, companies are paying down debt, merging with rivals to strengthen their positions and churning out cash. That's good for producers, including OPEC+ And it's been growing steadily even as prices swing around. The result: Production in the Permian is still growing, but it's growing more gradually. 'They want return of dividends and cash back to shareholders versus prioritizing just growing production.'

more discipline from these shale producers,' says Gildea.

The number of drilling rigs active at one time is a closely watched figure, indicating how active the oil industry is. Oil prices are volatile - but still very profitable Here are five things to know about this shift, and what it means. Oil companies are raking in profits, and the steadier work has also been good for workers across the region.īut the economic, geopolitical and climate implications are more complicated. This shift is doing a lot of good in the Permian, America's most prolific oil basin.

TAKE FIVE OIL CHANGE ODESSA TX HOW TO

Instead, a sector infamous for its booms and busts is finally learning how to embrace the one thing they've never been known for: moderation.

TAKE FIVE OIL CHANGE ODESSA TX FREE

It doesn't look much like the booms of the past, when companies would scramble to pump as much oil as possible and the region would attract so many workers it became impossible to find housing and free hotel rooms.

MIDLAND, Texas - America's oil industry is booming - in a surprising way. That has big implications, including for consumers and global producers. oil companies are thriving as they look to avoid the boom-and-bust cycles of the past. Drilling rigs sit unused on a lot in Odessa, Texas, in the Permian Basin, in March 2022.

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