Texas crude oil production looks like it may be on the road to recovery, reports UPI.
Even so, output is still lower than last year, according to the Texas Railroad Commission. July’s daily production rose to 2.4 million barrels of oil per day. That’s three percent higher than it was two months previous.
Texas remains the number one oil producer in the country. In the past year, the state has produced over one billion barrels of oil. Crude oil prices are currently holding steady in the mid $40-per-barrel range. Compare that with two years ago, when crude oil was going for $100 per barrel. But investors remain confident because the number of rigs in the state has been on a steady rise since early summer. Rig counts serve as a loose metric to gauge sector confidence.
