What the falling cost of gas means for Texas and those working in the Eagle Ford Shale
The stretch of land that is the Eagle Ford Shale
A familiar occurrence for those who are veterans in the industry
Everyone is enjoying the falling cost of gasoline these days. It is said that soon, gas prices will once again fall below the $2 mark. Why? Because with the oil and gas boom in South Texas, we have been able to stockpile the nations supply of fuel. Unfortunately, as the gas prices fall due to the surplus of production in the Oil and Gas Fields.
Many of the largest Companies working in the Eagle Ford Shale, are being forced to shut rigs down, and begin a series of layoffs. Although, unfavorable, it is completely normal, and it is actually a surprise that it hasn’t happened before this. The Eagle Ford Shale has been going strong for years, and just because you are laid off today, doesn’t mean you wont be called back in a month or two when rigs need to be restarted and manual labor is back in need.
Brief look at the Eagle Ford Shale Region
If you are unfamiliar with the South Texas Oil Boom, here is a little overview of what is going on in the Eagle Ford Shale that is bringing unfound wealth to the region. The Eagle Ford is currently the most active shale play, not only in North America but in the world with over 200 rigs running. Unlike many of the other shale plays, it does not exhibit natural fracturing within the formation. Eagle Ford reached an impressive milestone in November as production topped one billion barrels. The production in the Eagle Ford play has exploded and elevated the area as a major force in the world energy market.
The ones getting down and dirty on the rigs
Other Hubs About the Eagle Ford Shale
- The Shale Resources Boom: Frack to the Future
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- Eagle Ford Shale Oil Boom Transforming Small Towns
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- The Eagle Ford Shale has Gone Mobile
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Eagle Ford Shale in 2015
Lewis Energy, a driving force in the Eagle Ford Shale has up until recently avoided doing layoffs, but with the cost of running a rig, the amount a rig can produce and the falling cost of oil has resulted in shutting down some rigs to keep profit margins from plummeting. Keep in mind, that layoffs do not indicate that the boom in South Texas is coming to a halt. In fact, most companies with rigs in the Eagle Ford Shale, are planning to increase oil and natural gas production in 2015, but doing so with less moving parts.
Keep informed to Stay on Top
To stay up to date with Oil Production, Jobs, Area News and Production, download the Eagle Ford Mobile Network, which is putting all the information and news regarding the Eagle Ford Shale, into the palm of your hands.