Monday, November 16, 2015

Oil Theft Soars in U.S.


Oil Theft Soars as Downturn Casts U.S. Roughnecks Out of Work

The moon was a waning crescent sliver Sept. 9 when a man emerged from an oil tanker, sidled up to a well outside Cotulla, Texas, and siphoned off almost 200 barrels. Then, he drove two hours to a town where he sold his load on the black market for $10 a barrel, about a quarter of what West Texas Intermediate currently fetches. “This is like a drug organization,” said Mike Peters, global security manager of San Antonio-based Lewis Energy Group, who recounted the heist at a Texas legislative hearing.
Bloomberg
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    Oil Theft Soars as Downturn Casts U.S. Roughnecks Out of Work

    Lauren Etter,Bloomberg 5 hours ago
     

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