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by jdgarcia | April 27th, 2017 under Big Bend Blog » Big Bend Blog Highlight

Rig count and gas prices

By NICK WINCHESTER

nick@bigbendnow.com

TEXAS — The number of rigs exploring for oil and natural gas in the U.S. rose by 10 this week to 857, and the state of Texas contributed 6 of these, according to Houston-based oilfield services company Baker Hughes. It was reported Friday that 688 rigs sought oil and 167 explored for natural gas in the past week.

Alaska, Colorado, North Dakota, Pennsylvania and Wyoming each gained one rig.

Between March 2016 and February 2017 in Texas, 977 million barrels of crude oil and 7.9 trillion cubic feet of total gas production was reported, according to The Texas Railroad Commission.

The average retail price for gasoline in Texas fell this week by 1.9 cents per gallon, averaging $2.24 per gallon yesterday. This compares with the national average that has increased 1 cent per gallon in the last week to $2.42/g, according to gasoline price website GasBuddy.com.

“Gasoline prices saw another weekly lift, yet have begun to slow their ascent in recent days,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Since mid-February, average gasoline prices have risen 17 cents- a far cry from the 41-cent gain during the same time a year ago. While the annual spring spike remains subdued, prices do remain 28 cents higher than a year ago, though the gap has narrowed.”

In other energy news, the Texas Railroad Commission this week launched a 360-degree technology to take Texans on a virtual reality tour of Texas energy. The tour takes Texans The educational tool, which debuted at Earth Day Texas on April 21, will allow users to tour the Eagle Ford Shale drilling rig, taking them onto the rig floor, underneath the rig to the blowout protector and even next to a herd of cattle grazing nearby.

“This is a fantastic opportunity, where Texans can hear the sounds of a drilling operations and almost reach out and touch the drilling pipe. It’s as close as you can get without actually setting foot on a rig,” Commissioner Sitton said in a news release. “One of my goals as Railroad Commissioner is to educate Texans about where their energy comes from and virtual reality tours are a great way to give adults and children an opportunity they wouldn’t otherwise have to learn about the oil and gas industry.”

 

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