The Permian Basin is among the most important oil-producing regions in the world. Drilling and production and the necessary supporting industries generate business activity not only in the region, but across the state and the nation. In order to be in a position to fully take advantage of future opportunities, it is imperative that the underlying capabilities remain in place - the workforce, the infrastructure, the supply chain, the equipment, and the community support systems. Given the current situation, maintaining this viability requires immediate action from governments at all levels and the private sector.
Drastic, but necessary, measures to "flatten the curve" and prevent a major spike in COVID-19 infections have involved shutting down much of the economy. The inevitable result has been the loss of millions of jobs and a sudden and unprecedented downturn.
Drastic, but necessary, measures to "flatten the curve" and prevent a major spike in COVID-19 infections have involved shutting down much of the economy. The inevitable result has been the loss of millions of jobs and a sudden and unprecedented downturn.
Drastic, but necessary, measures to "flatten the curve" and prevent a major spike in COVID-19 infections have involved shutting down much of the economy. The inevitable result has been the loss of millions of jobs and a sudden and unprecedented downturn.
As the oil markets show signs of recovery, Dr. Perryman explains how the sector has changed and adapted to move forward.
Dr. Perryman explains the state's expansion into renewable energy resources.
Among the myriad industries affected by the COVID-19 pandemic is one particularly critical to Texas: oil! As much of the global economy shut down to slow the spread of the virus this spring, fuel demand plummeted. Prices plunged, with futures contracts even briefly going negative. The industry initiated a rapid shutdown of drilling activity, which rippled through an enormous supply chain and supporting retail and service enterprises in the affected communities and the entire state. Many service firms and large swaths of production and reserves changed hands, as capital resources for small and mid-sized firms became virtually nonexistent.