In Texas, the oil and gas industry saw growth in almost every sector, from employment to drilling permits, in 2011.
A new report from the Texas Alliance of Energy Producers said that even though natural gas prices declined, oil prices continued to climb. The ripple effect from those higher prices caused on overall increase in energy payrolls.
“Strong oil prices provided producers with an incentive to continue developing and producing more crude oil, while a glut of new natural gas supplies on North American markets drove down wellhead prices for gas and discouraged producers from investing in new gas capacity,” said Karr Ingham, an economist and the study’s author, in a statement.
Read more: Houston Business Journal
