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World Oil: In Permian basin, jitters mount that a bust is near

Steve Pruett has seen more than his share of booms in three decades in the oil business. None, though, as strange as the one gripping the Permian basin right now…. “Oil men are innately optimistic,” he said, “and sometimes our optimism is our own worst enemy.”…By this point, “we’ve given up all of our profit margin,” he said, referring to the industry. “We’re over-capitalized, we’re over-drilling and, if prices don’t rise, we might be facing a double dip in drilling.” […]

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