One thing leads to another: The dive in global oil prices this autumn could drive down investment in U.S. shale oil wells, clipping growth not only in crude production but also in by-product natural gas from those wells. So-called associated gas from crude oil wells represents a third of the growth of new gas supplies and currently accounts for about 8% of the total. U.S. natural gas output is at record levels, and there is little doubt that it will continue climbing in the years ahead. However, if spending on drilling shale oil wells is reduced, as expected, it will have implications for gas and could flatten that production curve. Reuters has the full story.
Better than expected: Businesses added 230,000 jobs in October, payroll processor ADP says in a report released this morning, possibly foreshadowing another strong month of employment gains in the government’s closely watched report that’s due out Friday. Economists had estimated ADP would report 220,000 new private-sector jobs, according to the median forecast in Action Economics’ survey. Ahead of the ADP report, they predicted the Labor Department’s survey this Friday to show 230,000 payroll gains by businesses, as well as federal, state and local governments. In October, midsize businesses added 122,000 jobs; small businesses, 102,000; and large companies, 5,000, ADP says. USA Today has the full story.
No time to waste: Results of a new survey by AT&T released this morning show nearly everyone agrees that texting while driving is dangerous, but that most people do it anyway. The survey shows 98% of motorists who own cellphones and text regularly said they were aware of the dangers, yet three-quarters of them admitted to texting while driving, despite laws against it in some states. Two-thirds said they have read text messages while stopped at a red light or stop sign, while more than a quarter said they have sent texts while driving. More than a quarter of the texting drivers believed they “can easily do several things at once, even while driving.” The Associated Press has the full story.
