Oil continues to exert an influence well beyond the energy market itself, Ole Hansen, Saxo Bank’s Head of Commodity Strategy, said in an analysis posted on the bank’s website on Thursday.
Underneath the Permian Basin, the state’s largest oil field, lies an ocean of toxic, unusable wastewater that bursts out of rock formations when oil companies extract fossil fuels from the ground. For years, companies have struggled with how to dispose of it.
Curious Minds Corner
Which U.S. state pumps out the most oil today?
Texas, producing over 5 million barrels daily thanks to Permian Basin shale booms.