Permian Basin Oil Show brings optimism

Permian Basin Oil Show brings optimism

ODESSA, TX (KWES) - Many attend the oil show after traveling hours, miles and even states to come to the Permian Basin.

The 2016 Permian Basin Oil show kicked off Tuesday and one owner of a Houston company has been coming since 2000 to the West Texas oil patch to step foot right here.

Handshakes, red bags, equipment and brochures being handed out to the some 40,000 attending.

People attending may see a change in the show this year.

"That's what happens in a downturn is you put money into development and a lot of these companies both competitors and customers alike have done that for the last two years,"  said Josh Lowery, Vice President of Galloway Industries in Houston. "So I think that's really what you're gonna see is some different technologies."

The industry isn't what it used to be when the price of oil was at its peak of $100 a barrel and Lowery describes the industry now with one word, optimistic.

"Well the optimism is new, it's been really painful for about 18 months," said Lowery. "No business, oil has been depressed. So we're up above $50 a barrel. People are starting to see some activity, the Permian Basin has been the strongest for really the last 12 to 14 months anyway. I think you see a lot of people finally coming out to see whats going on."

One of the main oil shows is held in Odessa and Lowery said there's a prime reason.

"The Permian Basin is a gift of the earth. There's no other way to say it. The Permian Basin has been giving oil for 100 plus years and they continue to find new developments," said Lowery. "People have to come to the Permian Basin if they want to be a part of West Texas oil and gas."

We're told Wednesday will be the busiest day, although some say the economy may be a bust, the show is sold out this year by vendors.

Some attendees said the show is already looking better than the oil show two years ago.

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