PERMIAN BASIN, Texas (Nexstar) – It’s been more than a week since OPEC+ decided not to bring more production online.
If you follow the energy industry closely, you probably thought they would because demand has been so high.
Because of this, prices have sat around $80 a barrel since the start of October 2021 and show no signs of cooling off.
A barrel of oil could hit $100 in the not too distant future.
Oil prices have taken off as the global economy reopens after shutting down due to the pandemic.
According to Kate Hornbrook, Technical Specialist with Pro Chem Energy Services, Inc., it’s good for business here in the Permian Basin.
“Especially a lot of people with newer mergers of different companies and newer companies popping up that tip typically tends to happen on an uprise people will be making more money,” said Hornbrook.
“Because, most people have a breakeven point at, $60 oil or less, so anything above that is just additional profit.”
As local companies see more profit, they, in turn, can hire more people, which is good for the local economy.