Oil workers in Texas can breathe a bit easier this month. Some oil and gas industry experts have predicted that the market has, finally, bottomed out. And now it appears maybe those predictions are coming true.
Energy producers across Texas cut 900 jobs last month. That’s not great news by any means, but it’s much better than the seven to 8,000 jobs the industry eliminated in January and February, reports Fuel Fix.
Producers are hoping this, finally, is a sign things are finally turning in oil’s favor.
One out of every five Texas driller employees have lost their jobs in the last year. But the industry isn’t out of the woods yet. Crude oil producers brought in $4.4 billion last month. That’s still 26 percent less than the year before.