Texas oil sees fourth straight month of moderate recovery
After a staggering downturn in the state’s oil and gas fortunes over the past few years, Texas appears to be entering what look to be better days ahead, reports the San Antonio Express-News.
According to economist Karr Ingham, 2017 is going to be “a year of recovery and expansion” in the Lone Star State. During the slump of the last two years, thousands of oil workers lost their jobs and dozens of companies entered bankruptcy.
But now things appear to be turning around, albeit sluggishly. Oil prices have once again crept above $50 per barrel, and producers have added a few hundred drilling rigs to shale fields. The Texas Petro Index, a regular indicator of market strength, has seen four straight months of upward movement.
Analysts say the recovery is being driven by the OPEC decision to cut production late last year.