The Oil Downturn - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

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  • Oil layoffs continue, workers worry about impact on safety

    Oil layoffs continue, workers worry about impact on safety

    Monday, February 1 2016 8:20 PM EST2016-02-02 01:20:55 GMT

    Workers and industry analysts are voicing concerns about oilfield safety as the latest dip in crude prices results in continued layoffs.

    Workers and industry analysts are voicing concerns about oilfield safety as the latest dip in crude prices results in continued layoffs.

  • Texas Railroad Commission investigating cause of tank battery fire near Goldsmith

    Texas Railroad Commission investigating cause of tank battery fire near Goldsmith

    Thursday, January 28 2016 7:43 PM EST2016-01-29 00:43:57 GMT

    The cause of an explosive fire that shook a commercial disposal well facility Tuesday morning near Goldsmith remained unknown Thursday evening, according to officials.

    The cause of an explosive fire that shook a commercial disposal well facility Tuesday morning near Goldsmith remained unknown Thursday evening, according to officials.

  • Oil Well Blowout Reported in Gaines County, Evacuations in Effect

    Oil Well Blowout Reported in Gaines County, Evacuations in Effect

    Tuesday, December 8 2015 11:09 AM EST2015-12-08 16:09:09 GMT
    More than 40 people were evacuated from a 2-square-mile area east of Seminole following an oil well blowout Tuesday morning at Highway 80 and County Road 107-I, officials said.

    More than 40 people were evacuated from a 2-square-mile area east of Seminole following an oil well blowout Tuesday morning at Highway 80 and County Road 107-I, officials said.

  • Crude oil prices increase this week

    Crude oil prices increase this week

    Friday, March 4 2016 5:24 PM EST2016-03-04 22:24:11 GMT
    Permian Basin Pumpjack (Source: Kwes)Permian Basin Pumpjack (Source: Kwes)

    A rise in crude oil prices resulted in a week-ending price of $35.92 per barrel.

    A rise in crude oil prices resulted in a week-ending price of $35.92 per barrel.

  • Halliburton to cut another 5,000 jobs amid oil slump

    Halliburton to cut another 5,000 jobs amid oil slump

    Thursday, February 25 2016 7:21 PM EST2016-02-26 00:21:20 GMT
    (Source: Courtesy Wiki Commons / MGN)(Source: Courtesy Wiki Commons / MGN)
    Halliburton, which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with lower oil prices.

    Halliburton, which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with lower oil prices.

  • Midland familiar with effects of oil downturn

    Midland familiar with effects of oil downturn

    Wednesday, February 3 2016 11:49 PM EST2016-02-04 04:49:03 GMT
    West Texas experiencing oil downturnWest Texas experiencing oil downturn

    The Permian Basin is experiencing about half of the price per barrel of crude oil compared to just a couple of years ago. 

    The Permian Basin is experiencing about half of the price per barrel of crude oil compared to just a couple of years ago. 

  • Midland mayor speaks on oil downturn

    Midland mayor speaks on oil downturn

    Wednesday, January 20 2016 7:26 PM EST2016-01-21 00:26:55 GMT

    The price of oil has continued to decrease for months. As the largest on shore producer of oil in the U.S., the Permian Basin has been hit hard by the decline in the price of oil.

    The price of oil has continued to decrease for months. As the largest on shore producer of oil in the U.S., the Permian Basin has been hit hard by the decline in the price of oil.

  • Trading price of oil continues to drop

    Trading price of oil continues to drop

    Tuesday, January 12 2016 11:39 PM EST2016-01-13 04:39:17 GMT
    Oil prices continue to dropOil prices continue to drop

    For the first time in 12 years the trading price of oil dipped below $30 a barrel. The dip happened Tuesday afternoon but was only temporary, the final daily barrel price was settled at $30.44.

    For the first time in 12 years the trading price of oil dipped below $30 a barrel. The dip happened Tuesday afternoon but was only temporary, the final daily barrel price was settled at $30.44.

  • Oil expert discusses industry decline

    Oil expert discusses industry decline

    Thursday, January 7 2016 7:52 PM EST2016-01-08 00:52:43 GMT

    It's no secret the oil industry is slowing down. Some fear it's happening faster than the oil bust back in the 1980's but NewsWest 9 found out that's not the case. 

    It's no secret the oil industry is slowing down. Some fear it's happening faster than the oil bust back in the 1980's but NewsWest 9 found out that's not the case. 

  • Four-Decade-Ban On Exporting Oil Lifted

    Four-Decade-Ban On Exporting Oil Lifted

    Saturday, December 19 2015 11:24 PM EST2015-12-20 04:24:23 GMT

    Oil companies across the US and the basin are preparing for a big change. The ban on crude oil exports has been lifted after four decades. Many oil companies and workers are claiming victory after the four-decade ban on exporting oil was lifted Friday, but they may have started celebrating too soon.

    Oil companies across the US and the basin are preparing for a big change. The ban on crude oil exports has been lifted after four decades. Many oil companies and workers are claiming victory after the four-decade ban on exporting oil was lifted Friday, but they may have started celebrating too soon.

  • Crude Oil Export Ban Lifted

    Crude Oil Export Ban Lifted

    Friday, December 18 2015 11:36 PM EST2015-12-19 04:36:58 GMT

    Good news for oil companies across the US and the basin, the 40-year-old ban on crude oil exports has been lifted.

    Good news for oil companies across the US and the basin, the 40-year-old ban on crude oil exports has been lifted.

  • Residents Allowed to Return Home Following Oil Well Blowout Near Seminole

    Residents Allowed to Return Home Following Oil Well Blowout Near Seminole

    Wednesday, December 16 2015 7:50 PM EST2015-12-17 00:50:25 GMT
    Good news for those evacuated near Seminole after an oil well blowout last week. Authorities say a majority of the people who were forced to leave their homes have now been allowed to go back.

    Good news for those evacuated near Seminole after an oil well blowout last week. Authorities say a majority of the people who were forced to leave their homes have now been allowed to go back.

  • Evacuees of Seminole Oil Well Blowout Speak Out

    Evacuees of Seminole Oil Well Blowout Speak Out

    Thursday, December 10 2015 7:33 PM EST2015-12-11 00:33:00 GMT
    It's been two days since nearly 500 people were evacuated from their homes after an oil well blowout near Seminole. Now, evacuees are speaking out. 

    It's been two days since nearly 500 people were evacuated from their homes after an oil well blowout near Seminole. Now, evacuees are speaking out. 

  • Evacuated Residents of Oil Well Blowout Not Happy

    Evacuated Residents of Oil Well Blowout Not Happy

    Wednesday, December 9 2015 11:13 PM EST2015-12-10 04:13:22 GMT
    Hundreds of people are still not able to return home after a gas explosion near Seminole Tuesday morning. Nearly 500 people are displaced. Newswest 9 was at a press conference held Wednesday afternoon where those people were hoping to get answers. "The hot zone", that's what officials are calling the area where the dangerous hydrogen sulfide gas is. In that hot zone there are homes that 498 people cannot return to. 

    Hundreds of people are still not able to return home after a gas explosion near Seminole Tuesday morning. Nearly 500 people are displaced. Newswest 9 was at a press conference held Wednesday afternoon where those people were hoping to get answers. "The hot zone", that's what officials are calling the area where the dangerous hydrogen sulfide gas is. In that hot zone there are homes that 498 people cannot return to. 

  • Evacuation Orders Remain in Effect in Gaines County

    Evacuation Orders Remain in Effect in Gaines County

    Wednesday, December 9 2015 7:21 PM EST2015-12-10 00:21:56 GMT
    Some families in Gaines County still can't go home. An evacuation order is still in place after an oil well blowout on Tuesday.

    Some families in Gaines County still can't go home. An evacuation order is still in place after an oil well blowout on Tuesday.

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