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Rig Counts Down Across Permian Basin
Rig Counts Down Across Permian Basin 1/14/13
Matt Rist
CBS 7 News Reporter
January 14, 2013
mrist@cbs7.com
Permian Basin - Big news from the oil and gas industry-- for the first time in more than a year, the average rig count in The Permian Basin dipped below 4-hundred last November.
The number of new drilling permits also dropped 14 percent from the same time the year before.
It's not necessarily bad news for Texans—Karr Ingham with the Texas Permian Basin Petroleum Index said as crude oil prices remain high, this ebb and flow isn’t necessarily a bad sign.
“People get a little nervous when oil and gas activity begins to show any evidence of decline or slowing down, because nobody wants that to go to far,” Ingham said. “But it seems clear to me that it's just an overheated market and that a little bit of a chance to catch a breath wouldn’t be a bad thing.”