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In the aftermath of the 2008 recession, oil demand spiked just as drilling technology unlocked layers of rich shale. The surge in production in the Permian came at a propitious time. Local restaurants, patronized by women clutching designer handbags, charge $18 for a salad. Bare-bones motels charge hundreds of dollars a night. Across the Permian, gas stations, retail shops and fast-food restaurants advertise perks like $15-per-hour pay and 401(k) benefits as they compete to lure workers. There’s nothing quite like oil country in boom times. The nation’s response to the opportunities and risks raised by the Permian Basin boom will shape our economic, environmental and geopolitical prospects for generations. vulnerable to trade retaliation and raise formidable new hurdles in the ongoing effort to curb climate change. It could destabilize international partnerships, make the U.S. In the long term, the boom actually threatens to undermine bipartisan efforts to establish U.S.
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Neither energy markets nor national security are simple, and they overlap in complex ways here. Abundant new shale reserves have driven economic growth and regional job creation while reducing costs for American consumers and manufacturers.īut analysts across the political spectrum caution that the energy windfall presents profound challenges as well. Presidents Donald Trump and Barack Obama have championed the nation’s growing oil and gas markets. “In a shale revolution world, no country is an island,” says Fatih Birol, who leads the IEA. has inspired other countries to race to develop their own shale resources. And around the world, the boom in the U.S. oil reserves have provided cover for the imposition of tough sanctions against nations like Iran and Venezuela, moves that at other times might have crippled global supply. more leverage in other areas, like the war in Yemen, although the Trump Administration hasn’t prioritized such efforts. In theory, less reliance on Saudi oil also gives the U.S. production contributed to a rethinking of the economy. In places like Saudi Arabia, uncertainty over future oil profits driven by rising U.S. economy, upended the international energy industry, undermined global environmental efforts and tilted the balance of power among Beijing, Moscow and Washington. But the impact extends far beyond the region.ĭuring the past three years, the boom in these parts has transformed the U.S. So-called man camps–hastily constructed short-term housing for oil-field workers–have sprung up everywhere, amid new luxury construction projects and shiny billboards advertising Rolexes to laborers pulling in six-figure salaries. of scrubby ranchland in West Texas and New Mexico. The power of the Permian oil and gas boom is easy to spot in the basin itself, which stretches across more than 75,000 sq. oil production is expected to equal that of Saudi Arabia and Russia combined, according to the International Energy Agency (IEA).
WILL THERE BE A RANCH RUSH 3 PLUS
Analysts predict the region’s output will expand in coming years, thanks to cost-reducing advances in hydraulic fracturing, better known as fracking, to release oil from shale, plus changes in U.S. Not even the plunge in oil prices in recent months, which led some companies to scale back their plans for the Permian, has stopped the enthusiasm.