07172018Tue
Last updateTue, 17 Jul 2018 6pm

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Texas Oil & Gas Activity Up for Eighth Straight Month

Sizable year-over-year improvements in the rig count, drilling permits, and the value of Texas-produced crude oil and natural gas, along with renewed industry employment growth combined to push the Texas Petro Index upward in July to 176.9, the eighth straight monthly increase since a 24-month contraction.

“Oil and gas producers in Texas and across the U.S. responded swiftly to wellhead price increases that occurred when OPEC and other oil-producing nations agreed to curb output to fight excessive supplies on world oil markets,” said Karr Ingham, the economist who created the index. 

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