ODESSA, Texas (Big 2/Fox 24) — Wednesday the President of the United States is set to visit the Permian Basin. He will make a few stops on his trip, but one will be to an active oil rig. That will include a tour of the facility.
“We are really happy it did work out and he’s out there because we couldn’t be any more proud to host this president on our rig.”Cody Campbell, CEO and Co-founder of Double Eagle Energy
Many tout the President’s impact on the oil and gas sector, citing his leadership around the economy and keeping regulation out of the industry.
He’s kept the regulation off of us. He’s allowed Texas to self regulate. The railroad commission does a great job. He really does protect us from a lot that comes down from Washington. We are really fortunate to have him in that position. We don’t need the federal government in our business and he’s done a great job of keeping them away from us.Cody Campbell, CEO and Co-founder of Double Eagle Energy
President Trump is also expected to give remarks about the current state of the oil and gas sector.
The impact the President has had on the industry is a point of dissent for some Texans. With the price of oil diving to below negative $40, and now being positive $40, some are saying his impact has been negative.
It’s owning to his mishandling of foreign oil production and American diplomacy abroad and certainly to his failed response to the worst recession since the Great Depression… If the President had done the right thing from the outset to control the spread, The United States would be back in business and importantly for West Texas and certainly the Permian Basin… Demand for oil and gas and energy would be roaring back to life.Beto O’Rourke, Former Congressman
The Price of oil currently sits above $41, and futures 1 year out are about the same.