Land Rush in Texas Indicates Oil May Rebound
Just follow the money. Though oil prices are in a two-year slump — October crude hit $47.33 per barrel yesterday — and minor price rallies have come to nothing, hope springs eternal. Blackstone Group LP is investing $1.5 billion in deals to drill in the Texas-New Mexico Permian Basin, and several other firms are snapping up properties, with half the $25.5 billion spent on stateside drilling land in 2016 going to the area. But some feel the Permian craze is a bubble that’ll bankrupt investors if oil prices remain subterranean.