Crude Oil Theft Becoming Rampant As Oil Industry Faces Downturn
Theft of crude oil has skyrocketed since dropping oil prices and demand for oil have dropped, resulting in the oil industry's biggest slow down in generations.
Energy Security Council executive director John Chamberlain says that official estimates show losses by theft has reached $1 billion. He cautions that this may be a conservative figure, as all oil thefts are not reported or may not have even yet been discovered. The situation is fueled by the loss of thousands of oil jobs, abandoned drilling sites, and idle trucks.
“You’ve got unemployed oilfield workers that unfortunately are resorting to stealing,” he says.
The global security manager of San Antonio-based Lewis Energy Group Mike Peters, says, “This is like a drug organization. You’ve got your mules that go out to steal the oil ...