With the help of a few more delegates from a handful of states, including North Dakota, Donald Trump finally gathered enough to clinch the republican nomination. And with that news, the official Republican Presidential nominee rolled into Bismarck, North Dakota on Thursday.
When it comes to energy, Donald Trump has left a lot to the imagination. But today he’s traveling to Bismarck, ND to address energy industry professionals from all across the country. Inside Energy’s Leigh Paterson reports.
The massive fall in the price of crude oil means hundreds of thousands of people are no longer working in the energy business and many small and mid-level energy companies are in a footrace against bankruptcy. While many oil fields have a seen oil production fall, the Permian Basin of west Texas, the nation’s highest-producing oilfield, is still increasing production.
In every downturn, there are survivors who position themselves for recovery. The price of crude oil is down by more than 70 percent since the summer of 2014. Oil and gas companies once flush with cash have cut exploration and decommissioned up to two thirds of their rigs. Many companies have gone under and hundreds of thousands of people are out of job.
Nearly a dozen west Texas cities, counties, hospitals and school districts are facing the possibility of a bond credit downgrade in the coming months by Moody’s Investor Services, one of the country’s “Big Three” ratings firms. That because those local institutions rely on energy-related tax revenue, which has fallen precipitously. And the possibility of a bond downgrade is a threat facing other oil and gas states as well.
The bust of the oil and gas industry is having economic repercussions across energy states. Reid Frazier of the Allegheny Front brings us the story from Pennsylvania and the heart of the Marcellus shale natural gas field.
Oil and natural gas prices have crashed in the last 18 months, wreaking havoc on the industry and leading to tens of thousands of job losses. But, as EnergyWire puts it in a new story, “we also know what economists tell us: Money doesn’t disappear; it just goes somewhere else.”
The US oil and gas industry was shocked by the sudden death of one of its most influential executives. Aubrey McClendon was killed after driving his SUV into a concrete embankment, a day after being indicted on bid rigging and price fixing charges. We explore whether Chesapeake’s cautionary tale contains glimmers of hope.
Inside Energy is a collaborative journalism initiative of partners across the US and supported by the Corporation for Public Broadcasting