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North Dakota education thrives despite oil bust

school

During the oil boom, state departments thrived off increased tax money and schools received more than enough funding. However, during the economic downturn, states that depended too heavily on oil taxes, such as Oklahoma, struggle to fund their education systems. Meanwhile, North Dakota students will see little to no change in their classrooms thanks to the high taxes paid by ...

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In Texas, residents are riding out the latest oil bust

BIG LAKE — The week before Christmas, restaurant owner Terry Stevens warmly shook hands with oil workers and wished them a happy holiday as they walked out the door, some possibly for the last time. Stevens, a 52-year-old Michigan transplant, moved to this West Texas outpost five years ago, before the latest oil boom. Workers flocked to the Mexican restaurant ...

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Dear Lord, Please Let Us See Another Boom

It is common knowledge that the Oil & Gas Industry is very much like a rocket and a shovel. It’s either shooting sky-high or digging us into a hole and burying us in darkness. Right now the latter is our truth. It seems we are all saying, “Not now, we can’t afford it.” Working in the Oil industry is definitely ...

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Oil boom a loser for North Dakota cities, counties, study finds

WASHINGTON — While the massive Bakken oil boom drew hordes of job seekers and international attention to the remote prairies of North Dakota and Montana in recent years, it’s turned into a money loser for most cities and counties in the region. Crime in Dunn County, N.D., in the heart of the nation’s oil boom, skyrocketed 60 percent in just ...

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COLUMN-U.S. refiners find the oil market’s sweet spot: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Aug 6 (Reuters) – Low crude prices and strong demand for gasoline are creating near-perfect conditions for oil refineries across the United States, especially those geared towards maximizing gasoline production. Valero, the country’s largest independent refiner, made a gross margin of more than $13 on every ...

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Oil companies slash spending, jobs as prices slide for second time

HOUSTON – The stark reality of a much-feared second dip in crude prices is prompting global oil majors and nimble U.S. shale companies alike to ax spending once again a year after the first price crash started. Just days into the second-quarter earnings season, Chevron Corp <CVX.N> and Royal Dutch Shell Plc <RDSa.L> said they would slash a combined 8,000 ...

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Despite slump, Texas is about to break a 43-year-old record

Despite thousands of layoffs and continuous price calamity, Texas is on route to produce a record amount of oil that hasn’t been reached in over 40 years, the Houston Chronicle reports. At a bi-annual state assessment of oil and gas, economist for the Texas Alliance of Energy Producers Karr Ingham noted that budget cuts and reduction in drilling activity haven’t ...

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Xcel construction plans not hampered by oil prices

ALBUQUERQUE, N.M. — Despite a swing in oil prices, a company that provides electricity to customers throughout southeastern New Mexico and West Texas says it’s not backing down from plans to invest hundreds of millions of dollars in the region’s infrastructure. Xcel Energy plans to spend more than $630 million on new high-voltage transmission and distribution lines and substations. A ...

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End of the line

Odessa, Texas

The oil boom brought a surge of building along the railroad passing through the heart of Odessa, harkening back to its history as a rail town. They were some of the biggest-dollar developments — and injections into the local tax base — including multi-million dollar investments that included a Weatherford International campus, giant storage tanks for frack sand and a ...

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Carlsbad moves ahead with plan to ease housing shortage

CARLSBAD, N.M. — The Carlsbad City Council has approved a zoning change that officials are hoping will help ease a housing shortage caused by the oil boom. The Carlsbad Current-Argus reports that the zoning change will allow for developers to build an apartment complex on two lots that were previously zoned for commercial use. California-based Silverado Land Company has plans to ...

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