Inside Energy News

A Boom In Oil Thefts In The Permian

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Oil drilling and production in the many parts of the country is booming again. But in the Permian Basin of west Texas, the boom has a byproduct that producers are considerably less excited about: oil theft. The Houston-based Energy Security Council estimates that this year alone, Texas companies will lose between 10 to 30 million barrels of oil to theft, a revenue loss of $450 million to nearly $1.5 billion at today’s prices.

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Slumping Oil Prices And A West Texas Downgrade

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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.