|Shale Gas Industry Slumping|
|by Tom McGregor||Mon, Apr 13, 2015, 09:58 PM|
As oil prices stay low, the shale gas boom may soon fade away.
The Houston Chronicle reports that, "The shale oil bonanza that made millionaires from Texas to North Dakota is slowing down for the first time in years, a sign that painful industry cutbacks are starting to have an impact. The nation’s oil production is set to slip this month by 57,000 barrels a day as natural declines in older shale wells outpace gains from newly drilled wells, the U.S. Energy Information Administration said in its monthly drilling report on Monday."
Sluggishness in the shale gas sector could mean major layoffs of jobs in the near future.
According to the Houston Chronicle, "More than 70,000 barrels of oil a day are expected to be lost from April to May in North Dakota’s Bakken Shale, South Texas’ Eagle Ford Shale and the Niobrara Shale in Colorado, Wyoming, Kansas and Nebraska. That handily beat out forecasts for Permian Basin’s increase of 11,000 barrels a day in West Texas and the Utica Shale’s 2,000 barrel a day boost in eastern Ohio."
Renewable energy resources would also face difficulties, since oil & gas would be more affordable for energy consumption.
To read the entire article from the Houston Chronicle, link here: