...The Oil and Gas industry plays a major role in the economic advancement in Texas. This industry provides Texans with great paying jobs, 15.7 billion dollars of taxes and royalties used for funds such as education and highways. The benefits are not only seen in Texas but also nationwide with the production of plastics, medicines, computers, life-saving devices and much more. Unfortunately, the Oil and Gas industry poses a great threat on the environment and human health. In 2015, 68 million pounds of illegal air pollution were reported from the Oil and Gas industry alone; surpassing the U.S. Environmental Protection Agency’s (EPA) level of concern standard. The pollutants associated with this industry were detected in air and water in many...
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...Texas has enormous natural resources, and it is the reason due to which it is considered to be one of the largest industrial hubs in the US. In the early 20th century, the discovery of the Spindle top geyser provided a great chance for growth in the oil industry. Texas successfully utilized its oil industry to achieve great success and revenues. The oil industry is one of the most valuable industries in Texas because it contributes significantly to the overall economy of the country. The topic selected for the proposed research is the history of Texas related to the oil industry in the late twentieth century. It is difficult to gather first-hand knowledge, and therefore, the research will be based on both primary (interviews) and secondary research. Texas’s history related to its oil boom has great significance and it has deepened the knowledge about the petroleum strokes in Texas. The proposed research would provide a useful account of the history related to the famous oil industry of Texas. Therefore, the research will provide a chance to enhance the knowledge about the history of Texas’s oil boom. The related information regarding the topic will be obtained from different journals including The Journal of American History, Journal of Tourism in Southern & Eastern Europe, etc. The whole data will be compiled to complete the research work on the history of Texas and present useful information in a coherent and meaningful manner. Collecting data is also time-consuming as it could...
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...Texas Economy: Not Just Relying on Oil Anymore Candace D. Willson Professor: Alan Leonard Economics 100: Principles of Economics May 29, 2015 Texas Economy: Not Just Relying on Oil Anymore Oil prices have been declining recently due to an increase in supply. The effect has the potential cause a recession in Texas. As one of the largest contributors of national oil in the U.S., the price drop could impact the state’s economy (Economist, 2015). The article published in The Economist (2015) explains the oil history and current plight in Texas. Texas has a strong economy with some booming new industries; their banking sector has also changed their ways, but it might not be enough to keep the state out of economic trouble. Four Observations The first key point of the article is to explain the economy in the state of Texas. “From 2009 to 2014, one in five jobs created in America was in Texas” (Economist, 2015). The state was considered to have one of the largest economies in the world and produces a high percentage of the country’s oil. The recent price drop in oil could be devastating to one of the strongest economies in the country. Secondly, the article deals with the potential for new industries to “take up the slack” created by the falling oil prices (Economist, 2015). Austin, the capital of Texas, has successfully created a tech start-up boom. There are many younger, educated individuals trying to make a life in the area. In fact, the percentage on young people is...
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...Gladewater Oil Boom The oil business used to be a big production in Gladewater, TX. It was a part of the East Texas Oil field which consisted of parts of Gregg, Western Rusk, Southern Upshur, South eastern Smith and also Northeastern Cherokee counties in the Northeastern part of the state. The East Texas Oil Field is a very large oil and gas producer in east Texas and it covers thousands of and has many historic and working oil wells It is the second-largest oil field in the United States outside of Alaska, and first in total volume of oil recovered since its discovery in 1930. Over 5 billion barrels of oil have been produced from the East Texas Oil fields to date and it is still growing. East Texas has a large production of oil over...
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...Position Paper: Economic Impact of Declining Oil Prices Since the summer of 2014, an excess of supply in the global oil market has led to an unprecedented decline in oil prices. While this will undoubtedly affect nearly every financial market going forward into 2015, it is important to understand the ramifications, both positive and negative, of this particular glut. To find what caused this steep drop-off, it is necessary to look at the drivers of this movement. From a basic economics perspective, oil prices had been inflated prior to this past summer due to high levels of demand due to rapid growth in developing countries (i.e. China), as well as the inability of E&P companies across the world to satisfy this demand. Through the course of 2014, however, both of these drivers began shifting in the opposite direction; high-growth economies began to show signs of maturity, leading to an easing of demand for oil while producers in the U.S. and Canada simultaneously began successfully exploiting shale reserves and alternate sources of extraction, such as fracking, as a source of crude oil. Combined with the lack of cooperation from OPEC to reduce production from the Middle East, oil supply continued to outpace demand. Although alternative means of oil production have been relatively common for some time now, oil prices were being artificially inflated by oil sanctions placed by the United States due to geopolitical conflicts. As these conflicts began to dissipate, the true...
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...Student Name Class Date Insturctor Current Events in Business Research The following discusses water quality in the Texas oilfields and what can be done to get more efficient methods for its use and reuse. West Texas is a prime example of a Texas area that is definitely affected by poor water quality. New technologies will soon help to solve this issue for a better future for its residents. Research Problem or Purpose The research problem presented is that the quality of water is substandard in the West Texas or Permian Basin as some would call it. The water used for residential propose has a constant smell of chlorine to it and tastes awful to drink requiring most residents to either install a reverse osmosis system or use bottled water for drinking. The biggest problem present is that it is more expensive to recycle water vs. using so called “fresh water” that is of lower quality. “Recycling is expensive because the water that comes out of the oilfields needs a good cleaning before it is reused” (Galbraith, 2013). Certain jobs in the oilfield, fracking in particular can require millions of gallons of water with have numerous dangerous chemicals added to it causing a shortage in the city’s water supply. This can be a major issue due to the already over population stemmed from the oil boom itself. Methods Used in the Research A study published by the Texas Water Development board found that recycling was very minimum is regions where drilling and servicing occur. “According...
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...Yes I will recommend this search engine again because, It gives more links then the others I went to. My phrase was "Dallas Texas History". Dallas was founded in 1841 and formally incorporated as a city on February 2 1856. The city is well known for its role in the petroleum industry, telecommunications, computer technology, banking, and transportation. It is the core of the largest inland metropolitan area in the United States. Dallas's prominence also comes from its historical importance as a center for the oil and cotton industries, its position along numerous railroad lines, and its powerful industrial and financial tycoons. Dallas was just another small town dotting the Texas frontier until after the American Civil War in which it was part of the Confederate States of America, and only legally became a city in 1871. The city paid the Houston and Central Texas Railroad US $5,000 to shift its route 20 miles to the west and build its north-south tracks through Dallas, rather than through Corsicana as planned. A year later, Dallas leaders could not pay the Texas and Pacific Railroad to locate there, so they devised a way to trick the Railroad. Dallas had a provision attached to a state law which required the railroad to build its tracks through Browder Springs-which turned out to be just south of Main Street. In 1873, the major north-south and east-west Texas railroad routes intersected in Dallas, thus ensuring its future as a commercial center. By the turn of the twentieth century...
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... Investments Company Name Relationship Type Primary Industry Last Investment Date LTM Total Rev. ($mm) LFQ Total Assets ($mm) LFQ Total Debt ($mm) Period End Date Cuadrilla Resources Holding Limited Pending Acquisition/Investment Oil and Gas Exploration and Production Feb-16-2010 - - - - Website: There is no website for this company Business Description: Cuadrilla Resources Holding Limited operates as an oil and gas exploration and production company. The company was founded in 2007 and is based in the United Kingdom. Investment Coverage: - Relationship with Investor/Parent: Total Investment ($mm): - Expected Exit Date: - Percent Owned (%): - Return on Investment (%): - Controlling Interest: - Investor Notes: - Transactions: Date: Feb-16-2010 Type: Private Placement Size ($mm): 58.00 Status: Announced Eagle Energy, LLC Pending Acquisition/Investment Electric Utilities Dec-21-2009 - - - - Website: www.eagleenergyllc.com Business Description: Eagle Energy, LLC provides alternative energy supply, and electricity and natural gas consulting and aggregation services to commercial, industrial, and governmental entities. The company also offers energy aggregation for communities. It has operations in Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Texas, Virginia, and Washington DC. Eagle Energy, LLC has a strategic...
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...PIONEER NATURAL RESOURCES versus LAREDO PETROLEUM INC. Financial Statement Analysis and Decision Making Activity Background: PIONEER NATURAL RESOURCES Pioneer Natural Resources (PXD) is a large independent company that focuses primarily on drilling oil and gas exploration, with executive offices located in Irving, Texas. The company was formed in Delaware in 1997, with executive offices located in Irving, Texas. One of the company’s main focuses is to be competitive and to be profitable, so as to develop and produce oil and gas reserves. One way they gain competitive advantage is by employing well-trained and experienced personnel who enable efficient decision-making. The company has a sound development and production strategy. The company focuses efforts towards maximizing its average oil production, NGL’S (Natural, gas, and liquids), gas production through development drilling, production enhancement activities, and acquisition of producing properties. The Company is always looking for ways to improve on oil and gas reserves, and its production through development drilling and conducting other production activities. (Well Recompletions) Pioneer Natural also engages in other activities such as: Exploratory, Integrated, and Acquisition activities. The way the company penetrates its integrated services is to control drilling, operating costs, and to support the execution of its drilling program and operating services. One of the last...
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...Economic Profile on the Oil and Gas Industry The oil and gas industry is one of the most talked about industries today, at least in my town it is. Everywhere I go I hear people talking about the rise or fall in gas prices or how the cost of a barrel of crude oil has just gone up or down .10 cents. I also hear about how the current hurricane season could pose a threat to the oil industry, as it did last year with hurricane Katrina, putting oil refineries under water or causing extreme damage to them. In this essay I am going to discuss the shifts and price elasticity of supply and demand in the oil and gas industry. I am also going to discuss the oil and gas industry’s positive and negative externalities, wage inequality, and monetary and fiscal policies. Lastly, I will discuss the economic affects and influence on the oil and gas industry. Shifts and Price Elasticity of Supply and Demand The price elasticity is the affect of the price for a good on the demand of that good. If consumers are not affected by the change in price then this good would be referred to as inelastic. If consumers are affected by the change in price then this good would be referred to as elastic. The oil and gas industry is inelastic when the prices rise because, although consumers slightly reduce their consumption of oil and gas, consumers still purchase oil and gas. With gasoline prices in the U.S. approaching an average $3 a gallon, Americans are moaning about the rising cost, but so far they are...
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...Energy 15 August 2015 The Prize: Epic Quest for Oil, Money, and Power The history of the petroleum industry is a long and enduring journey. It was not started by one single individual, but by the actions of a long list of entrepreneurial figures whom all play a part in this oil journey. Oil was first used as a sort of home remedy by the Indians. They called it “Seneca Oil” and it was used to cure headaches, upset stomachs, burns, to heal wounds and the list goes on. George Bissell was a very important individual in the creation of the oil industry. He spotted a bottle of this Pennsylvania rock oil in one of his professor’s classrooms. He became very curious with the rock oil and believed that it could be used as an illuminant because it was flammable. If this rock oil could become the new illuminating oil, Bissell would become an extremely wealthy man and that became his motivation. In 1854, Bissell gathered investors and hired a professor from Yale, Benjamin Silliman, to analyze all the properties of this oil to determine if it could indeed be used as an illuminant and lubricant. Sure enough, the research proved that rock oil was the next big illuminant and Pennsylvania Rock Oil Company was created in 1854. However it was not a breeze to get this oil. Edwin Drake, a retired railway conductor, was tasked to use his salt techniques to find oil. In spring of 1859, Drake’s driller who was called “Uncle Billy” spotted oil floating at the top of a pipe. This moment was the...
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...Industrial Regulation is the regulation on an entire industry by the government. This form of regulation exists to safeguard industry prices and to prevent the formations of monopolies. One of the key reasons of industrial regulation is to protect the consumer from being taken advantage of. Industrial regulation can affect the market by passing on higher prices to the consumer as a result of higher production costs. Do to the lack of competition in certain industries industrial regulation could lead to x Inefficiency in the market place. This form of regulation could also affect the market by keeping a monopoly in power long after natural monopoly conditions have expired. The regulation of natural monopolies affects the market by protecting consumers from high prices. Regulations are put into place, allowing monopolies to receive fair profits and returns on their business enterprises. The entities that are affected by industrial regulation in terms of market structure are natural monopolies and oligopolies. Natural monopolies are affected by industrial regulations through perfect competition. When you have monopolies new business are not allowed into the industry and with the firm that has the industry monopolized that one firm is the consumer’s only option. The other market structure affected is by industrial regulation is the oligopoly. Oligopoly is a group of a few large firms controlling an industry. Regulations affect this market structure by deterring the firms within...
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...Property Owners The first group of stakeholders that needs to be represented in this debate is property owners, specifically property owners who also have natural gas under their property or experience environmental and property damage from fracking. Matt Willie addresses the conflict of private property and gas companies. He summarizes that the main issues involved with hydraulic fracturing and property rights are trespassing, pooling, ownership, and damages (Willie, 1752). For trespassing, the issue that has arisen is whether horizontally drilling under someone else’s property is trespassing (1752). The author then concludes that based on the Texas Supreme Court case Coastal Oil and Gas Corp. v. Garza Energy Trust, extracting gas or oil...
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...Jordan Bailey Energy Resource, Oil Looking back in time the earliest oil well drilling was done in 4th century China, maybe even earlier. The Chinese burned the oil to evaporate brine and produce salt. They also probably used the oil for lamps and possibly to an extent to heat themselves as well as their homes. By the 10th century, extensive pipelines connected oil wells with the salt springs. In the western world, the petroleum industry started near Titusville, Pennsylvania, with Edwin Drake’s discovery of oil in 1859. The new oil industry, the fuel oil and home heating oil industry we know today, grew slowly in the 1800’s and did not become a real national concern until the early part of the 20th century. The internal combustion engine created a whole new scenario for the oil industry which provided and still provides a demand for refined fuel oil that still exists today. Early finds of oil like those in Pennsylvania quickly ran dry leading to “oil booms” in Texas, Oklahoma, and California. Other countries had much larger oil reserves and stated to develop them at an industrial level. As late as 1955 coal was still the world’s most used fuel. Oil then began to take over the scene and became the predominant fuel to heat homes. Following the 1973 energy crisis and the 1979 energy crisis there became the concern that oil is a limited resource and will eventually run out, at least as an economically viable energy source. In 2004 there was a report done by USA Today news...
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...Muhiad Elsanousy 10/23/14 PETE 497 Special Design Problems Dr. Hayatdavoudi Eagle Ford Shale The eagle ford shale is one of the largest active plays in the United States and spans an extremely large swath of south Texas. Eagle Ford’s produces from a rather large range of depths ranging from 4,000 feet to 14,000 feet (KED Interests). While its incredible size is one of the things that makes it an important area of exploration and production, the fact that it produces both oil and gas makes it invaluable despite the much lower value of natural gas. Eagle Ford’s geology is composed of high carbonate shale. This makes the source rock much more brittle than traditional sandstone plays. Recent advances in drilling technology have made it possible...
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