(YourBasin) – The Permian Basin has faced many hardships including the coronavirus pandemic and the oil economy collapsing. Many oilfield workers have lost their jobs during these unprecedented times. One oilfield worker shares his hardships and why it’s important to stay positive while the world seems to be crashing down.
On April 20 crude oil in West Texas fell below zero and finished at -$37.36.
“No one has seen this before. No one. This is history,” says Adan Sanchez.
The Texas Railroad Commissioner would meet the next day to determine limits on oil production. Commissioners would table the matter till May 5 which a 2-1 vote against proration.
According to Bloomberg, West Texas Intermediate (WTI) finished at $36.91.
“Last time I checked it was $36 and some change and obviously that’s good but you know we are not out of the woods yet,” says Sanchez.
Experts remain cautiously optimistic as demand slowly rises and oil prices begin to rise. But, overall losses will impact the economy locally and statewide.