Northeast of Kermit in Andrews County, pump jacks pull oil from Texas’ Permian Basin. When the year started oil producers were collecting around $60 per barrel of Texas oil — just above what most companies need to break even. And the budget for many oil companies reflected a hope that West Texas Crude would rise to $80 or more through the year. Instead, the global pandemic paired with international price disputes pushed oil prices to historic lows. As we finish out 2020 and head into the new year, it's doubtful oil will hit $50 per barrel. That's still better than what we saw in the spring, when at one point oil futures contracts traded in negative territory for the first time ever.