Lafayette's oil patch can rest a little easier — at least this week — as oil fetched $64.19 a barrel earlier today, the highest in six months. Additionally, benchmark crude for July delivery rose 77 cents, to $64.22 a barrel, on the New York Mercantile Exchange. The uptick comes as government reports show that consumers are spending money and fewer people are requesting first-time unemployment benefits, the AP noted.
The AP also is reporting that OPEC oil ministers appear poised to let a recovering world economy lift crude prices instead of trying to bolster them by cutting production. Read that story here.
It's good to see, however oil prices alone won't ease the slide in Lafayette's Oil & Gas Industry. Locally, we need stronger natural gas prices to accomplish a more stable exploration environment. Oh yea did I mention our President is attempting to take away Intangible drilling cost? This could truly be the death nail of our local industry. I hope he likes gas lines!! With no incentive to explore we will increase our dependence on foreign oil. Last year this time US rig count was 1,800 rigs working this year same time period 900. Net result we are headed for $5-$6 gasoline by next summer, just watch. There are many of us who are in the exploration game. We shoot seismic, generate oil & gas prospects, contract rigs, higher the service industry to explore. If we do not have incentives (IDC) nobody goes to work.
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