September 8, 2016
Texas drillers added about 100 new jobs in July, the first monthly gain since figures began falling in January 2015. Oil producers, service companies and rig contractors lost more than 102,000 jobs since the beginning of 2015. But Texas economist Kar Ingham said July’s small increase for the oil industry could possibly be a turnaround.
“It’s not spectacular, but it’s a gain, rather than a loss,” said the Amarillo-based economist. He added that the industry is a “recovery in the making,” but it’s slow, because oil prices haven’t gone up as quickly as people had hoped. Still, “the bleeding had to stop, and it looks like we may be at that point,” he said.
For comments, questions or concerns, please contact Amy Sorter