Word: barreling
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...production taxes are up 56% for the first quarter of fiscal 2009, oil-production taxes have slipped from the 72% increase seen in fiscal 2008 to a 36% increase in the first quarter, according to the Texas state comptroller. (The state levies a 7.5% severance tax on every barrel of oil or cubic foot of gas taken out of the ground...
Unlike in the 1980s, when oil fell to $8 a barrel, Texas is not heavily dependent on its energy industry, so the state "should have more resistance to, but not immunity from, recessionary conditions," according to state comptroller Susan Combs. When the legislature convenes for its biennial session in January, Texas will have a big surplus, thanks in part to last year's booming oil and gas revenues - one of only nine states...
...economics turn dark for the energy sector. High prices bankroll high-cost production and fund technology improvements that make hard-to-reach minerals accessible, while low prices mean wells with high production costs are shut in. The threshold price for oil-operations expansion is around $50 a barrel, according to Combs. "This constant roller coaster [in prices] is something the industry is really getting sick of," Ingham says. (Read "Web-Savvy Homeowners vs. Landmen...
...capital-intensive as it once was, Perryman says, it is still intertwined with the health of the financial system. However, in Amarillo, where the energy sector is about 25% of the economy, the talk around the coffee shop is still dominated by the price of a barrel of oil, Ingham says. The view from Amarillo is that the economy would be much better off with "some kind of stability in the energy markets," Ingham says, "but so far, no one has figured out how to do that...
Texas Tea. Oil prices dropped to about $35 a barrel at press time; the further they drop, the better your rates at The Joule hotel in Dallas. On the second night of your stay, the hotel will match the price of your room to whatever the price of oil is at the opening bell that morning. Plus, if you book the "Black Gold Experience," you get a $100 gift card to Neiman Marcus, conveniently located next door. Rates start at $340, through March 1, 2009. 1530 Main Street, Dallas...