The oil market is mixed this morning as it continues to look for direction and weighs the same news items of the past few months. Those issues continue to be OPEC cuts, U.S. / China trade dispute, concern over a global economic slowdown and increasing U.S. crude production.
A nationwide challenge that continues to affect the trucking industry is the driver shortage. The same questions continue to surface, where are the drivers? Are they all migrating to a different skillset/industry? Or is there simply just more demand than ever and not enough heads to put in the trucks?
British Petroleum (BP) has announced the discovery of two new oilfields in the Gulf of Mexico and has approved a $1.3 billion expansion of its Atlantis three oil field. The new expansion will include eight new wells to the existing offshore oil and gas platforms and they are speculating that it will increase production by 38,000 barrels per day by 2020. The expansion comes nearly a decade after BP’s Deepwater Horizon disaster that caused more than $60 billion in damages to the region.
As the 4th generation family member here at Guttman Energy, I wanted to take a moment to thank all of you for a successful 2018. We could not be where we are without our valued customers, vendors, partners and employees.