Karr Ingham Interview on ITOP Radio
You’re listening to In The Oil Patch Radio Show. Our guest today is Karr Ingham who is a petroleum economist and also the president of Texas Alliance of Energy Producers. This is our live show in which we encourage our listeners to go pick up the phone, get involved with today’s programming and let’s talk about oil and gas cause you know, it affects us all. Here is a summarized breakdown from the Q & A we had with Karr Ingham where we discussed Oil & Gas with our live viewers!
US Oil & natural gas output and major shell formation is expected to rise slightly. However, in February, according to the E I a is affecting record highs, I’m hearing producers will be pulling back on new drilling. Do you agree with this?
I do agree with this only because that’s what we’ve been witnessing for the better part of a year now. Uh, and that’s largely price driven. Uh, crude oil is lower at year end 2019 and uh, actually it average lower in 2019 than it was in 2018. It went down pretty sharply and temporarily in the fourth quarter of 2018 so it actually finished a year a little bit higher. But generally speaking, crude oil pricing was worse in 2019 than it was in 2018. It was fairly drastically worse in terms of natural gas pricing, particularly natural gas pricing in the Permian.
And so just prices alone would suggest unless there’s some recovery and a fairly decent significant recovery in crude oil and natural gas pricing and activity levels will continue to slide. Uh, and prices of course are reflective of general market conditions out there
You know, even even those of us who watch this, pay attention to it all day, every day, it’s still in many respects just folly to try to predict what crude oil prices are going to be in the future. I have a good friend, I wish I’d have thought of this myself, but I have a good friend who likes to say, you know, there are two kinds of people in this world. Those who know what crude oil prices are going to wait. Those who don’t know what crude oil prices are going to be in the future and Oh wait, there is only one kind of person in this world, those who don’t know what crude oil prices are going to be in the future.
For more with Karr Ingham please listen to the full show above!