Commissioner Craddick Addresses Oil and Gas Downturn in the Eagle Ford Shale
SAN ANTONIO – Railroad Commissioner Christi Craddick spoke to the Energy Council today about the current state of the Texas energy industry on a panel at their 2015 Annual Meeting in San Antonio. The discussion focused on the Eagle Ford and how one of Texas’ major shale developments is weathering the current price of oil.
“While we never want to see job loss for Texans, it is important to remember that the oil and gas industry is driven by an international market that ebbs and flows,” Craddick said. “Texas producers have a long history of resilience, and innovation has become a way of life within the industry. They’ve learned to adjust their operations around the prevailing reality in which they operate. Today, that means big production costs, particularly in shale developments like the Eagle Ford, and cheap oil.
“We are watching the industry transform as we speak, as companies develop efficiencies and cost-saving measures. Today’s oil price is a good reminder of the enduring spirit of the Texas oil and gas industry, which has and will continue to prevail through price fluctuations.”