West Houston, with white-collar oil and gas jobs in the Energy Corridor, and the Galleria area will suffer more, while the more blue-collar East Houston workforce would be better off in the short term, the report contends.
Plains All American workers at the site near Santa Barbara were contending with “immediate demands and distractions” and couldn’t be reached by Plains personnel based in Bakersfield, documents said. One of the workers, along with firefighters, used shovels to try to construct a makeshift berm to slow the oil’s spread.
Crude oil prices swung briefly in both directions before returning to about even early Wednesday, after the latest weekly inventory showed refiners continuing to chip away at the massive amount of crude in storage.
Houston-based Freeport-McMoRan Oil & Gas Inc. could be the first U.S. oil producer to launch an initial public offering this year, a sign that investors are figuring out what values to put on private oil and gas companies amid relatively steady $60 crude.
In a webcast, the panel of experts from financial services giant Ernst & Young said that the energy sector is expected to rebound, albeit at a sluggish pace, after several months of unrest following the collapse in oil prices that began last fall.
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