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Texas’ oil industry ramps up, makes more money despite low prices

Written by Rye Druzin at mySantonio.com

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The oil and gas industry in Texas continues to ramp up drilling in 2017 despite continued low oil prices and faltering production cuts from OPEC countries, according to a Texas economist. “It’s clearly in a state of recovery from a very nasty two year downturn,” Amarillo-based oil economist Karr Ingham said from Houston. Ingham’s Texas Petro Index — which uses variables such as the number of active oil drilling rigs, employment in the oil and gas industry and other measures to create a monthly index number — has increased every month since December after a two-year decline.

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Written by Rye Druzin at mySantonio.com

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