Is the Permian Oil Basin in a Bubble?
The Permian Basin in west Texas is 75,000 square miles of some of the best oil in the United States. Private equity and energy companies are clamoring to enter the basin to capture the oil riches there, which is driving up land values and could send service costs soaring. Pioneer Natural Resources is the biggest player in the Permian. Alix Steel recently went to Midland, Texas, to visit Pioneer's assets to see if there are signs of a bubble. (Source: Bloomberg)