Leaders of Michigan’s oil and gas industry are optimistic their business is poised to rebound from a prolonged price slump.
Oil and natural gas prices are half of what they were in recent years. But just over the past few months, oil prices have jumped nearly 50 percent.
Jeffrey Cook is the chairman of the Michigan Oil and Gas Association, and a third generation Michigan oilman.
Cook says Michigan’s oil and natural gas production was not affected by the price slump, but exploration in Michigan has slowed considerably.
“We’re coming out of one of those downs … from an oil price point of view,” says Cook
Erin McDonough is the executive director of the Michigan Oil and Gas Association. She admits the price slump has been an issue.
“We’re starting to climb out of that,” says McDonough. “We know we have the companies and infrastructure here ready to take advantage of the new situation.”
According to a new report, more than 20,000 Michiganders are directly employed in the state’s oil and gas industry. Roughly the same number of Michiganders are indirectly employed.