According to a recent KETK.com report, East Texas is experiencing a new oil boom. That is very exciting for many East Texas residents who will tell you that, even as of 2015, the outlook was bleak and jobs were growing scarce, and things only got worse in early 2016 when the bottom fell out on the price of oil. When prices dipped below $30.00 a barrel, hundreds of oil field workers and employees lost their jobs.
While the oil industry is and always will be cyclical, many people were concerned it would never be back the way it was before. This is due in large part to the over production we were seeing across the United States and OPEC.
Raymond Woodward was interviewed for the special report by easttexasmatters.com. “The state of the oil industry, right now, is in a state of recovery from a very deep slump,” Raymond Woodward, President of BHL Consulting Inc says. “It is improving. Employment is improving. Oil and gas prices are improving. We are on the way up.”
There were several factors that played into the oil downturn as Woodward called it. The United States was producing more petroleum than ever and when factored in with the lower demand from the world’s major economies, led to an oil downturn. “The cause is very simple,” Woodward says. “It was an oversupply of oil and natural gas.”
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