Bright Spot in Local Economy Found in Oil Futures - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Bright Spot in Local Economy Found in Oil Futures

By Camaron Abundes   
NewsWest 9

Midland- There is a trickle of optimism around West Texas as crude oil futures hit $59.65 a barrel on Tuesday.
    
"It's a whole lot better now than it was two months ago for sure," Kirk Edwards of The MacLondon Group, said. "It's very optimistic crude oil prices go for the next three to four years up to eighty dollars a barrel."

Industry insider Kirk Edwards tells NewsWest 9, it's no secret the violent swing in prices from from 2008 to 2009 contributed to significant job losses to the area.

"We've lost almost fifty percent of all the rigs from last year. Fifty percent of the rigs that we're running in West Texas are down right now." Edwards said the rise in crude prices is good news, "It can put some more rigs out to work and get our service people back to work."

While oil prices continue to creep up moms like Tiffany Humphries say, the family budget remains strained.

"I don't see it getting any better though," she said.

Humphries says some of her biggest monthly expenses are linked to the price of oil.

"Gas, gas prices have already risen 20 cents and groceries," Humphries said.

Other residents say they're still trying not to spend their extra cash.

"My wife and I are still trying to conserve. We're expecting next month and so yeah, we're trying to conserve," Reisdent Michael Olivas, said.

Edwards says future crude prices remain firm in part because people around the country are starting to believe signs the economy may be improving thus creating a demand for West Texas oil.

"We're going to make it. We're America." Resident Jim Painter said he hopes other Midlanders will take the good news to heart, "I think the economy is turning around, we all have to have that mind set."

Powered by Frankly