West Texas Intermediate crude prices have risen 60% year-to-date, fueling a surge in oil theft across the Permian Basin, the heart of the U.S. shale revolution. According to the Dallas Fed’s quarterly survey, nearly half of firms operating in the region reported being impacted by theft, compared to just 14% of firms outside the Permian. Financial losses remain relatively contained, with 84% of respondents deeming the impact low, though 47% of executives described the theft as targeted and organized. Operation Black Market Basin resulted in the seizure of over $12 million in petroleum products, vehicles and cash, while Howard County’s sheriff reports that over 1,000 to 1,500 barrels of oil are reported stolen each month.
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