Craddick: Energy Production Will Sustain in Heart of Texas’ Oil Basin
February 08, 2016MIDLAND – Railroad Commissioner Christi Craddick spoke to the Midland Chamber of Commerce’s board today about the current state of Texas energy, highlighting encouraging oil industry activity in the Permian Basin early this year.
“There are a few key reasons why companies from across the world choose to produce energy in Texas, particularly here in the Permian Basin,” Craddick said. “Prime conditions - an ample supply of oil, a skilled workforce, vast infrastructure, cutting edge technology and innovation, and sensible government - have allowed producers to cut back overhead costs and sustain in times of low oil prices. Frankly, these factors have allowed companies to better weather the downturn.”
Craddick said that the Permian Basin is still responsible for record oil production at 1.35 million barrels of oil per day even though the total number of active drilling rigs in the region is down.
“Even as foreign oil producing nations continue their economic assault on the U.S. energy industry, Texas and its associated energy companies are better positioned to compete because of higher efficiencies, advanced technologies and lower production costs. And when demand for oil rises again, as it is certain to, Texas will be well-positioned and ready to respond. Until then, production in the Permian Basin will carry on.”
Christi Craddick was elected statewide by the people of Texas in November 2012 to serve a six-year term as Texas Railroad Commissioner. A native of Midland, Christi is an attorney specializing in oil and gas, water, tax issues, electric deregulation and environmental policy.
About the Railroad Commission:
Our mission is to serve Texas by our stewardship of natural resources and the environment, our concern for personal and community safety, and our support of enhanced development and economic vitality for the benefit of Texans. The Commission has a long and proud history of service to both Texas and to the nation, including more than 100 years regulating the oil and gas industry. The Commission also has jurisdiction over alternative fuels safety, natural gas utilities, surface mining and intrastate pipelines. Established in 1891, the Railroad Commission of Texas is the oldest regulatory agency in the state. To learn more, please visit https://www.rrc.texas.gov/about-us/.