Inside Energy News
A Boom In Oil Thefts In The Permian
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.