Energy experts confident federal regulation will re-energize industry

Updated: Mar. 14, 2017 at 6:01 PM CDT
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(Source: KLTV Staff)
(Source: KLTV Staff)

TYLER, TX (KLTV) - It's a new day in the oil and gas industry and experts say East Texans should be excited.
Right now, the average price of oil is less than 50 dollars a barrel, and even though that number is lower than they'd like to see, experts believe the industry has been re-energized.

"It's not coming back like an avalanche, but it is coming back. There is just more confidence among energy companies in general," said Gates Brelsford, Chair of the Tyler Area Energy Summit.

With more confidence comes more jobs.

"Some of the service companies are coming back there is moderate hiring there are a few more rigs operating than they were a few months ago," Brelsford said.

Brelsford said barrel prices are under $50 right now but that is just due to seasonal over supply.

"It's not really anything to get alarmed about," Brelsford said.

Tyler Economic Development Council CEO Tom Mullins said oil prices are lower than they would like to see.
Mullins said the changes in federal regulation will create a more business-friendly EPA.

"There were a lot of hurdles in the energy sector for awhile, and now some of those hurdles seem to be getting removed. There is going to be more exploration permitted in oil and gas," Mullins said.

Good news for those filling up at the pump; according to AAA, gas prices have fallen 10 days in a row. Local experts hope that is not the trend for long.

"If the energy sector is strong that means energy prices are higher which means more cost at the pump, and you've got to find a happy balance," Mullins said.

The Tyler Area Energy Summit will be held March 27 at the Green Acres Crosswalk Conference Center.
Tickets are $25. For more information contact: (903) 592-1661

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