MIDLAND – The oil boom is back and that means more and more people are moving to the Permian Basin area, a story by cbs7 says.
“There’s been more people moving into town – more equipment dropping off, trucks and trailers both,” U-Haul Rentals Owner Randy Buckner said.
Rental truck companies have been seeing trucks coming in from all over the United States as more people trickle into the oilfield industry in the Permian Basin.
Within the next five years, as many as 30,000 people are expected to make Midland their new home. That’s a potential growth rate of anywhere from 2.5 to 3.5%.
Moving companies in Midland say they haven’t been this busy in more than 20 years with business increasing by almost a third.
“When the price of oil really goes up, there’s a bug cycle of people coming and going all the time,” Buckner said.
The current price of oil sits at $60.25 per barrel and it’s expected to climb.