Lawmakers tour Permian Basin oil sites to shape energy policy, promote jobs, and support US energy dominance and innovation.

Lawmakers tour Permian Basin oil sites, discuss energy policy and jobs

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Rep. August Pfluger continues to escort fellow members of Congress to the Permian Basin on a tour of the region’s oil and gas operations.

This week, members of the House Committee on Energy and Commerce visited a hydraulic fracturing site and held a roundtable discussion with members of local energy companies.

“The purpose is the same as it has been the last five years,” said the Texas Republican, whose District 11 encompasses the Permian Basin. “They came to see how the energy space works. The Permian Basin literally provides the foundation of our economy.”

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Source: mrt

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Revenues from oil and natural gas leases on onshore federal lands totaled $8.497B in 2023, according to a new Congressional Research Service.

Federal oil & natural gas leasing revenue tops nearly $8.5 billion in 2023

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Revenues from oil and natural gas leases on onshore federal lands totaled $8.497 billion in 2023, according to a new Congressional Research Service (CRS) report. In fact, oil and natural gas leasing represents a whopping 93 percent of the total federal revenue from all leasable minerals and geothermal on onshore federal lands.

In the past ten years, these revenues have consistently increased, exemplifying the ongoing, strong contributions the industry provides to the United States.

Source: Department of the Interior (DOI), Office of Natural Resources Revenue (ONRR)

The report comes on the heels of a major shift in federal support for oil and gas development on federal lands, with the Trump Administration making significant strides to streamline permitting and increase federal development.

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Source: Energy in Depth

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US DOI announced that it generated over $39 million in total receipts from oil and gas lease sales held in the first quarter of 2025.

USA DOI generates $39MM from 1Q 2025 oil, gas lease sales

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In a statement posted on its site recently, the U.S. Department of the Interior (DOI) announced that it generated over $39 million in total receipts from oil and gas lease sales held in the first quarter of 2025.

The Bureau of Land Management leased 34 parcels totaling 25,038 acres for $39,007,609 in total receipts for its first quarter of fiscal year 2025 oil and gas lease sales, the DOI noted in the statement. The organization highlighted that the Bureau of Land Management held oil and gas lease sales in Montana, North Dakota, New Mexico, Wyoming, and Nevada.

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Source: Rigzone

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In 2024, Texas' oil and gas industry set records in production, job creation, and taxes/royalties paid, per a report by TIPRO.

Report: Texas oil and gas industry broke multiple records in 2024

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The Texas oil and natural gas industry broke multiple records in 2024, from production, to job creation, to taxes and royalties it paid, according to a new report published by the Texas Independent Producers & Royalty Owners Association (TIPRO).

In Texas, the industry led the U.S. in nearly every category, including having the most people employed in the industry.

Texas accounts for 23% of all oil and natural gas jobs in the U.S., supporting 480,460 directly last year, with direct and indirect jobs totaling nearly 2.8 million, according to the analysis.

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Source: AOL

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President Trump campaigned on the promise of “unleashing US energy dominance,” but the reality is that the US has already achieved this goal.

U.S. energy dominance: A decade in the making

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Over the past decade, the U.S. has cemented its position as a global energy leader, excelling in production, innovation, and influence. Here’s a closer look at the evidence behind America’s energy dominance.

Oil Production: A Global Leader
Since 2018, the U.S. has been the world’s top oil producer, outpacing both Saudi Arabia and Russia. In 2023, U.S. crude oil plus condensate production averaged 12.9 million barrels per day (BPD), driven by the shale revolution. Technological advancements in hydraulic fracturing and horizontal drilling unlocked vast reserves in regions like the Permian Basin and Bakken Formation, transforming the U.S. into an energy superpower.

Beyond crude oil, the U.S. also leads in broader categories, including natural gas liquids (NGLs). In 2023, the U.S. accounted for 15.6% of global oil production, with total output (including NGLs) reaching 19.4 million BPD. This put the U.S. more than 8 million BPD ahead of both Saudi Arabia and Russia in total liquids production. The abundant reserves and efficiency of the Permian Basin are a key to the U.S. success, enabling the U.S. to become a net exporter of petroleum products and reducing reliance on foreign oil.

 

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Source: Oil & Gas 360

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Speculators and algorithmic traders are betting on higher oil prices due to expected policy changes under Trump and shifts in EV and oil demand.

Trump’s presidency sparks renewed optimism in oil markets

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Last year’s oil market was dominated by algorithmic trading, amplifying every headline about market oversupply and Chinese demand into price swings that kept crude trapped in a narrow, disappointing range—well below OPEC+’s lofty production-cut goals. This year may not see much of a change in oil’s price amplitude, but the peaks and troughs could grow sharper, setting the stage for some dramatic action.

In the second and third week of December last year, speculators in the United States significantly increased their bets on higher oil prices, Bloomberg reported this week. In fact, in the second to last week of the year, long bets on crude reached the highest in four months, the report said, for a total of close to 183,000 lots. That followed an even more significant increase in bullish positioning in the previous week, when the number of lots hit the highest in a year.

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Source: Oil Price

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Researchers used AI to analyze 45 years of USGS maps, uncovering oil and gas wells not listed in state records in California and Oklahoma.

AI helps researchers dig through old maps to find lost oil and gas wells

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Undocumented orphaned wells pose hazards to both the environment and the climate. Scientists are building modern tools to help locate, assess, and pave the way for ultimately plugging these forgotten relics.

Scattered across the United States are remnants from almost 170 years of commercial drilling: hundreds of thousands of forgotten oil and gas wells. These undocumented orphaned wells (UOWs) are not listed in formal records, and they have no known (or financially solvent) operators. They are often out of sight and out of mind – a hazardous combination.

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Source: BERKELEY LAB

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The Permian Basin is pumping a record 6.3 million barrels of oil daily, with projections to hit 6.6 mb/d next year, driven by tech advances and disciplined practices.

Basin’s oil production goes ever higher

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Pumping a record 6.3 million barrels of oil per day and poised to reach 6.6 mb/d next year, the Permian Basin is driven by good prices, technological advances and fact-based optimism that the worldwide demand for oil and natural gas will stay strong for decades to come.

And as much oil and gas as it’s producing, a convergence of factors ensures that the Basin can and will generate even more. The prediction of 6.6 mb/d next year is from the U.S. Energy Information Administration.

Odessa oilman Kirk Edwards, State Rep. Brooks Landgraf and Waco economist Ray Perryman say the region continues to lead the world in energy innovations.

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Source: OA Online

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The Public Utility Commission of Texas (PUCT) approved a plan to meet the future electricity needs of the Permian Basin Region.

Texas commission approves plan for transmission infrastructure to serve Permian Basin

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The Public Utility Commission of Texas (PUCT) approved a plan to meet the future electricity needs of the Permian Basin Region.

The plan incorporates the transmission infrastructure needed to support the expansion and electrification of Texas’ oil and gas industry in West Texas. ERCOT forecasts that electricity demand in the region will grow to approximately 26 GW by 2038, which is equivalent to almost one third of the current summer demand of the entire ERCOT system.

“The Permian Basin is the heartbeat of our state and nation’s energy dominance and economy,” PUCT Commissioner Lori Cobos said. “This plan is a roadmap that will ensure electric reliability in the region for decades to come and facilitate critical transmission infrastructure investment that will ensure the continued success of Texas’ oil and gas industry and support the region’s local communities and our entire state.”

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Source: Daily Energy Insider

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Crude oil prices moved higher today after the US EIA reported an estimated inventory decline of 6.9 million barrels for the week to August 30.

Oil prices rise on large crude inventory draw

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Crude oil prices moved higher today after the U.S. Energy Information Administration reported an estimated inventory decline of 6.9 million barrels for the week to August 30.

A day earlier, the American Petroleum Institute reported its own inventory estimate, which saw these drop by a sizable 7.4 million barrels in the final week of August. Analysts polled by Reuters had expected a draw of around 1 million barrels.

The EIA’s previous report pegged the decline in oil inventories at a modest 800,000 barrels, with mixed changes in fuel inventories.

For the final week of August, gasoline and middle distillate inventories saw more mixed changes.

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Source: Oil Price

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