blank'/> Liberally Lean From The Land Of Dairy Queen: Barnett Shale Bust Not Over Yet

8.31.2009

Barnett Shale Bust Not Over Yet

I'd been hearing that Wise County's oil and gas business was picking back up. I'm not so sure after this article today. Highlights:
  • Natural gas prices in Texas are currently averaging $3.62 per thousand cubic. This is down from $12.33 per thousand cubic feet in July 2008.
  • As of July 2009, there were 342 drilling rigs in Texas in production. This was down from a peak of 958 rigs at the end of August 2008.
  • Petroleum economist Karr Ingham said,“That adjustment is not complete, so it appears that thousands more Texans will be sent packing before this cycle hits bottom.”

17 comments:

Anonymous said...

Dont worry obammy will put money in all our pockets...and free health care too...foodstamps and gubment housing...thats our retirement plan...gubment style!

Anonymous said...

Yea!! We get the country club back!!!

Anonymous said...

....and you get to pay more taxes with natural gas at $3.62 per thousand cubic feet. Yea!!

Anonymous said...

Wasn't gas drilling going to save the abomination that is the Decatur Country Club? From what I hear, that place has one foot in the grave with the golf "off-season" coming up. Not-a-good.

Anonymous said...

Might want to check the natural gas price again...it's below $3.00.

Anonymous said...

It ain't ever coming back.

Production in the other "Shales" is producing more wells with 5-10X the production.

You'll see more and more drillers moving to Arkansas/La and Penn/WV.

Only the scraps are left in the Barnett.

Anonymous said...

turn out the lights the partys over.



love,fight and trip pipe oops haul pipe to ark........... good bye u bunch of worthless white trash,

Anonymous said...

It don't really matter if the Barnett or the Marcellus Formation because the heart of the matter is the natural gas storage is 500 Bcf above the 5-year average of 2,758 Bcf. Until the storage numbers drop it is going to be slow. So hope for a hard winter.

Anonymous said...

what are we going to do with all those motels?

Anonymous said...

What are we gonna do with all the mess they leave behind? I said many years ago that it was a danger for WC commerce and WC tax authorities to depend on a Nomadic industry. Now how will we pay for those public servant raises? Look for a dramatic increase is property valuations next year Wise County. Here today gone tommorrow.

Anonymous said...

How is he ever gonna sell that Hummer?

Anonymous said...

The price discrepancy between natural gas-then and now, and crude oil-then and now (crude oil is still over-priced), illustrates how evil our commodities trading is set up. A few hundred rich people were able to "speculate" the price of crude oil to where they made a ton of money last year.

Meanwhile, back in our world, the world that these same super rich folks leach off of like ticks in a dog pound, we are fighting over whether health care is a privilege or a right. We fight over whose invisible sky god is most powerful. We fight over how humans should be allowed to love one another.

And the rich keep getting richer.

Anonymous said...

Excuse me but I think we still need natural gas to provide heat and electricity for our homes so what is with this dumb label of a Nomadic Industry? For over fifty years, the oil and gas industry in Wise County and Texas has provided a tax base, employment and an economy that other states only envy.

Our winter will be very cold this year and it will be years before wind/solar energy can even supplement oil and gas.

Millions of dollars have been spent to develop our natural resources. The Obama administration would rather give George Soros $2 Billion to drill in Brazil while doing every thing possible to kill big oil companies. Next year we will see a major change in Congress as the ultra left Democratic party will lose a lot of seats in the House and the Senate.

It is not over in Wise County; it is just politics. Maxine Waters will not prevail in her warning to Big Oil about socializing or taking over the oil companies because in town hall meeting after town hall meeting, average American people are standing up against government run health care and the move toward socialism.

Shoule Wise County be more deversified in seeking jobs outside the developement of natural resources? Yes, but manufacturing is going outside the country.

2:16 Property valuations will not increase next year to make up for lower natural gas prices. To increase property values on home owners, the chief appraiser must have record of increased sales prices or risk challenges to the Appraisal Review Board.

We've lived through this before and survived. What we haven't experienced is a revolutionary movement to make sure capitalism dies and socialism prevails.

All we need to look at is how political activists are making Big Oil so bad the govenment will have to take them over. Then we become like a Banana Republic and lose our way of life that other countries envy.

Don't pay attention to the far left that has hijacked the Democratic Party. They have so many commusnists and socialists in postions of power that we must pay attention to what the real agenda is and become engaged to make sure they do not succeed in their radical agendas.

Anonymous said...

AMEN 8:16!!

Anonymous said...

Shut-up Brenda Rankin 8:16. You're time has passed and nobody listens to you anymore. Blame the Liberals of the Democratic Party for everything. You just can't stand to be wrong can you?

In the meantime, continue to accept your socialized pension plans and your Oil and Gas money and go about your merry little way. The republicans in Wise County may still need you, but the Democrats most certainly don't.

Anonymous said...

right there with ya 8:16

Anonymous said...

10:13 You are a D..A..
8:16 Who ever you are, you got it right!