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Cheap Hotel Rooms in West Texas? Yes , And that’s bad news for frackers

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A finance source I speak with contacted me this week with the news they were paying $250 a night for their room at a decent hotel chain there. This isn’t the usual sort of thing they text me about, I assure you. The reason they wrote was that a similar room had cost them about $800 six months ago – Ritz prices in a town with no Ritz. – washingtonpost.com

The capital markets remain problematic. Access to capital will crimp the oil industry. It feels like employment in the sector will be decently lower in the next 12 months.

Did we dodge a slowdown? – Before the attacks on the desert kingdom

The number of active oil and gas drilling rigs fell for the sixth straight week. the crude oil price drops continue to cause producers to pull rigs.

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OilField

Layoffs – ProPetro cuts almost 150 workers

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According to Reuters workers at ProPetro are on the chopping block and more could follow if crude oil prices don’t stabilize. Crude prices have been heading downward and have shown no signs of recovering. Traders have blamed Trump’s trade war with China and the slowing world economy.

ProPetro Holding Corp (PUMP.N) this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.

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Economics

The last oilfield slump contributed in electing President Donald Trump

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The last slump in oil and gas drilling contributed to the mid-cycle economic slowdown in 2015/16, which helped fuel the political discontent that resulted in the election of populist President Donald Trump to the White House. – oilfieldforums.com

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