Texas Industry Bracing for Job Cuts, Plunging Crude Production

摘要

After five years of phenomenal growth, the Texas oil and gas industry is now in the first phase of a contraction that could reduce the state rig count by more than 60% and eliminate 50,000 industry jobs. "The dominos are falling, the first domino is the crude price," said Karr Ingham, petroleum economist and creator of the Texas Petro Index. Ingham presented the latest Petro Index data to the Texas Alliance of Energy Producers in Houston on Feb. 2. Ingham said the high price of oil was the primary driver of the boom, with natural gas largely along for the ride.