{"id":50224,"date":"2019-12-19T15:05:06","date_gmt":"2019-12-19T20:05:06","guid":{"rendered":"https:\/\/olduvai.ca\/?p=50224"},"modified":"2019-12-19T15:05:12","modified_gmt":"2019-12-19T20:05:12","slug":"from-boom-to-bust-permian-shale-towns-face-exodus","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=50224","title":{"rendered":"From Boom To Bust: Permian Shale Towns Face Exodus"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/From-Boom-To-Bust-Permian-Shale-Towns-Face-Exodus.html\">From Boom To Bust: Permian Shale Towns Face Exodus<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/e6265ec1cb8423520e2fc2f7ba658f73.jpg\" alt=\"Ghost town\"\/><\/figure>\n\n\n\n<p>Perhaps it\u2019s not evident to anyone who is not an oil-worker living in America\u2019s biggest shale towns, but signs of the shale slowdown predicted by many analysts, and the EIA itself, are already surfacing in the form of vacant hotels, a dip in home prices, a noticeable reduction in overtime hours for oil workers, and a change in standards for hiring.&nbsp;<\/p>\n\n\n\n<p>Texas\u2019 Permian basin lost 400 jobs in the first 10 months of this year, according to the&nbsp;<a href=\"https:\/\/www.dallasnews.com\/business\/energy\/2019\/12\/02\/fracking-contractor-cuts-112-jobs-in-the-permian-basin\/\" target=\"_blank\" rel=\"noreferrer noopener\">Dallas Morning News<\/a>, and fracking contractor Superior Energy Services Inc. alone announced in late November that it had cut 112 jobs from its Permian Pumpco unit.&nbsp;<\/p>\n\n\n\n<p>This is in stark contrast to the first 10 months of 2018, when the Permian added 16,700 jobs.&nbsp;<\/p>\n\n\n\n<p>According to the Dallas Federal Reserve\u2019s \u201cPermian Basin Economic Indicators\u201d from November 27 this year, oil production reached a new high in September, though the rig count slipped and drilling has dropped to its lowest level in nearly two years.&nbsp;<\/p>\n\n\n\n<p>Not only are frack crews for well completions in the Permian down more than 20% this year, according to the Dallas Morning News, citing Primary Vision Inc., but oilfield services companies are firing people&#8211;from National Oilwell Varco to Halliburton and RPC.&nbsp;<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.worldoil.com\/news\/2019\/12\/6\/greater-houston-partnership-says-city-s-economy-eerily-similar-to-1980s-bust-days\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Houston Partnership<\/a>&nbsp;said in a December report that Houston is facing a situation that is \u201ceerily similar to what it faced after the 1980s bust &#8212; an oversaturated real estate market, a bleak outlook for oil and gas, and the need for innovation to drive the economy forward\u201d.&nbsp;<\/p>\n\n\n\n<p>To that end, it\u2019s putting its hope in other industries&#8211;not oil and gas&#8211;as it forecasts the disappearance of 4,000 oil jobs by the end of 2020.\u00a0<\/p>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Boom To Bust: Permian Shale Towns Face Exodus Perhaps it\u2019s not evident to anyone who is not an oil-worker living in America\u2019s biggest shale towns, but signs of the shale slowdown predicted by many analysts, and the EIA itself, are already surfacing in the form of vacant hotels, a dip in home prices, a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[28648,251,23083,16989,4380,2063],"class_list":["post-50224","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-anes-alic","tag-eia","tag-oil-price-com","tag-permian-shale","tag-shale-oil-and-gas","tag-texas"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50224"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50224\/revisions"}],"predecessor-version":[{"id":50225,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50224\/revisions\/50225"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}