Oil Economist: Bloodbath Over for Industry; Better Days Ahead

Rigzone| Valerie Jones

Texas oil economist Karr Ingham says Texas oil and gas industry saw its first job growth after 23 months of decline in November 2016.

Following 23 consecutive months of declines in oil and gas jobs in Texas, November saw jobs being added to the industry, according to Texas oil economist Karr Ingham. Ingham, who created and maintains the Texas Petro Index (TPI), said after two years of depressed upstream activity, the industry is positioned to bounce back. “This is the moment we’ve been waiting for,” said Ingham. “It is good news for the industry, for the Texas economy and for many communities around the state that are strongly connected to the oil and gas exploration and production industry.” In addition to the increase in rig count and bottoming out of crude oil prices in early 2016, Ingham said OPEC’s November announcement to cut production and a strong surge in natural gas prices helped keep the industry moving upward in December 2016.

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