West Texas oil patch heaving and sinking at alarming rates – CRACKS NOW APPEARING IN THE WORLD’S MAJOR OIL INDUSTRY

West Texas oil patch heaving and sinking at alarming rates:

Geophysicists from the Southern Methodist University in Dallas found that decades of oil production activity in Texas have destabilized localities of an area about 10 000 km2 (4 000 mi2) populated by small towns, roadways and a vast network of oil and gas pipelines and storage tanks.

The same team of scientists that previously reported the rapid rate at which Texas sinkholes are expanding and new ones are forming has now discovered that various locations in large portions of four Texas counties are also sinking and uplifting. According to their study, two giant sinkholes near Wink, Texas, may just be the tip of the iceberg and new ground movement is extending at an alarming rate far beyond the infamous sinkholes.

Radar satellite images show a significant movement of the ground across a 10 000 km2 (4 000 mi2) – in one place as much as 1 m (40 inches) over the past 36 months.

CRACKS NOW APPEARING IN THE WORLD’S MAJOR OIL INDUSTRY:

As the sell-off in the broader stock markets intensifies, it will be bad news for the world’s largest oil companies.  Why?  Because cracks are already beginning to appear in the biggest and most profitable global oil companies.  While rising costs and higher debt levels have been plaguing the U.S. shale oil industry, these negative factors are now impacting the major oil companies as well.

H/t reader eric:

“Could these be related?”

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