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Tag Archives: oil bust

Top Eagle Ford news stories: April 15-22

Top Eagle Ford news stories: April 15-22

A deadly explosion devastated a Mexican community and low gasoline prices continue to cause problems in the Gulf states. Scroll down to recap this week’s top Eagle Ford news headlines. 5. ‘Hard choices’ in Texas as oil bust, costly lawsuits collide HOUMA, La. (AP) — It might sound strange, but the penny-pinching folks in Louisiana’s Oil Patch can’t wait for ...

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More Texas jobs lost as oil bust continues

More Texas jobs lost to oil bust

More than 1,100 Texas jobs have been cut in the past few weeks, according to reports by the Texas Workforce Commission. Oil major BP plans to cut at least 500 jobs in Harris County this year. The layoffs are expected to happen in June at three Houston locations. BP spokesman Jason Ryan said about 4,000 total upstream jobs will be ...

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Energy jobs struggle through oil downturn

Energy jobs struggle through oil downturn

The oil bust is more severe than any downturn in 45 years, according to the Houston Chronicle. Roughly 70,000 energy jobs have been lost so far and oil prices fell below $31 a barrel Monday. U.S. Crude fell to $30.98 a barrel on the New York Mercantile Exchange in morning trading. It was the sixth-straight day of losses in 2016. ...

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In Texas, residents are riding out the latest oil bust

BIG LAKE — The week before Christmas, restaurant owner Terry Stevens warmly shook hands with oil workers and wished them a happy holiday as they walked out the door, some possibly for the last time. Stevens, a 52-year-old Michigan transplant, moved to this West Texas outpost five years ago, before the latest oil boom. Workers flocked to the Mexican restaurant ...

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U.S. refiners find the oil market’s sweet spot: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Low crude prices and strong demand for gasoline are creating near-perfect conditions for oil refineries across the United States, especially those geared towards maximizing gasoline production. Valero, the country’s largest independent refiner, made a gross margin of more than $13 on every barrel of oil ...

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Lost monetary value of energy industry could literally buy countries, according to Bloomberg data

To just survive the modern oil bust, companies have slashed $180 billion dollars in spending and erased over 176,000 jobs worldwide. The stats are staggering, and some oil firms believe that the crisis will have just as strong or more of an impact than the oil crash of the 1980s. While the dust still thickens in the economic airspace, Bloomberg ...

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