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This Week’s Market Buzz


• Oil prices have risen more than 15 percent over the last three months as global oil supply has tightened and Hurricane Harvey shut down supply lines. Brent crude oil LCOc1 was down 35 cents at $55.94 a barrel at press time and U.S. light crude was 40 cents lower at $50.

• Wisconsin Gov. Scott Walker has vetoed a last-minute provision in the state budget that would have stripped local governments of the right to regulate quarries, according to the LaCrosse Tribune. Walker explained in the memo that he objected to “inserting a major policy item into the budget without sufficient time to debate its merits.” The Legislature’s budget-writing committee introduced the measure on the night of Sept. 5 after less than 90 minutes of debate as part of an omnibus motion to amend the transportation budget. Among other things, it prohibited counties and municipalities from regulating blasting, hours of operation and noise, air and water quality. It also limited the reach of local zoning laws.

• Hi-Crush held a grand opening at its new Kermit, Texas, plant, bringing frac sand to the Permian Basin, according to CBS7 News. Executives from the Texas-based company said they're excited to open their first branch in the Basin because they can distribute their product to local companies, without having to use trains or disturbing the environment. Chief Financial Officer Laura Fulton said they’ve hired 60 people and 20 more for contract work. Executives estimate they'll bring more than a $20 million impact to the local economy. "We want to be there for the community,” CEO Bob Rasmus concluded.