Locals have positive outlook for oil industry under Trump

Locals have positive outlook for oil industry under Trump

MIDLAND, TX (KWES) - While some voters nationwide are stunned at the outcome of the election, lots of west Texans are hopeful.

That's because Trump made big promises to the oil and gas industry.

Gary Moore, Vice President of Crude Oil Marketing for TexLa Energy said he predicts it's going to be an uphill battle for Trump to turn the industry around but if Trump keeps just half of his promises, locally we'll be in great shape.

"Say what you will about Trump, he's made a lot of money in his lifetime and he didn't do it by making bad business deals," said Moore.

Trump has said he will encourage drilling and will cut down on regulations enforced by the Environmental Protection Agency (EPA).

Moore said most of the industry agrees they are over regulated by the EPA and said if Trump can get past the environmental activists, West Texas will feel the change.

"Some of the best stewards of the land that we have are the companies that involved in this industry," said Moore. "They can drill and be a good steward to the land and produce oil, put people to work. People working pay taxes and spend money at restaurants, buy new cars, buy new houses."

Moore said he's hopeful Trump will make the industry a priority and make changes after he steps into office.

"Some fast deals with the United Kingdom because the globalist all were against the Brexit position that the United Kingdom took and I think he will reach out to them and put a better more profitable trade deals with them in place with them early on," said Moore.

If Trump takes action fast the Permian basin could feel the economy pick up as fast as six to eight months and the results will be long term, according to Moore.

"As unconventional as it seems a real estate mogul was elected the president of the United States maybe he's the right man for the time," said Moore.

Moore predicts more rigs will be active once crude oil per barrel hits $60-$70 and stays in that range and said that can take up to 18 months.

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