Oil price plunge wallops NM

  • With Russia and Saudi Arabia now locked in battle over which country can sustain their economies the longest as prices plummet, the Permian Basin in West Texas and southeast New Mexico is caught directly in the crossfire.
  • In fact, in good part, the price war appears directly aimed at slowing production in New Mexico, Texas and other shale-oil basins in the U.S., since booming domestic production from those reservoirs have made the U.S. the world's No. 1 oil producer, contributing to chronic global oversupply while taking market share away from Saudi Arabia and Russia, Fine said.
  • Saudi Arabia waged a similar war during the 2014-2016 downturn, when it refused to curtail its production to boost prices in the face of rising shale oil in the U.S. Domestic shale producers, however, were able to sustain production then through extensive cost-cutting and operational efficiencies, and through massive private investment that allowed them to grow operations.

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