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Colorado governor Polis: Your jobs are valued, and you’re an important part of the diversity of our state

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“Your jobs are valued, and you’re an important part of the diversity of our state,” Polis says.
Colorado governor tells oil and gas industry that concern about local rules, A drilling ban is ‘silly’

Jared Polis sain in an industry meeting Wednesday that international markets and instability abroad have more impact on oil and gas than the state’s new approach to regulation.

Polis argued that new law brought stability to the industry by heading off more drastic restrictions on where wells can be drilled. Even though in the past elections Colorado residents voted against any new restrictions on the Oil industry that would cause job losses.

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More Oil With Less Drilling Rigs

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According to a recent Bloomberg story: “In June 2014, the U.S. pumped 8.4 million barrels of crude using 1,545 drilling rigs. Last month, it produced about 12.2 million barrels, 45% more, with just 788 rigs.”

For the rest of the industry, this is wonderful news, but for oilfield services companies large and small, these efficiencies have caused severe overcapacity and economic pain. more with less @ fool.com

The U.S Removes 12 Oil Rigs: Oil rig count was 742, down from 754 in the week ended Aug 23. Notably, the tally has never dropped to such a level since early January 2018. In the past nine weeks, drillers lowered the tally eight times. The current total, far from the peak of 1,609 attained in October 2014, is also lower than 862 a year ago.

Severe overcapacity and economic pain?
Halliburton Cuts 8% of North American Fracking Jobs. Christopher Wright Talks About the Slowdown in Fracking

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The Second largest oil-producing state? North Dakota

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Texas is by far the largest oil-producing state in the United States, but number two?

North Dakota, Is the nation’s second-largest oil-producing state, Produced 1.42 million barrels of oil per day, a rise of 2% over May, according to data released Thursday by the North Dakota Department of Mineral Resources

The Bakken boom has propelled North Dakota into the top ranks of oil-producing states. As recently as 2007, North Dakota ranked 8th among the states in oil production. In 2008, the state overtook Wyoming and New Mexico; in 2009 it outproduced Louisiana and Oklahoma. North Dakota surpassed California in oil production in December 2011, then in March 2012 overtook Alaska, to become the number two oil-producing state in the country.

The state’s natural gas output in June stood at 2.88 million MCF per day, also up 2% over May. An MCF is 1,000 cubic feet of natural gas.

During the Boom days, North Dakota had 212 rigs at its peak. now the state averages around 60 rigs.

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