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If you haven’t visited the Permian basin lately, it might be worth the trip, if only to remind yourself what an oil boom looks like. The area, which comprises West Texas and southeastern New Mexico, has had its ups and downs in the past few decades, but at the moment there is definitely an “up” in progress.
It’s no mystery why this is the case. The oil out there is still abundant, and the price of West Texas Intermediate (which, as the name suggests, is what they drill for out there) has spiked north of $100/bbl on occasion, and shows no sign of retreating. The rig count in Texas Railroad District 8 (which includes part of the Permian) is up over 50% from just a year ago, and is more than double the number from 2009.
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