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The oil and gas sector got hit hard from the waves in the market, the oil and gas sector crashed to a
low of $28 a barrel. That left the industry with no other place to move but upwards, and has been doing
so steadily over the recent past months. To make this proclamation more significant key figures in the
industry are around to back it up.
Analysis’s have it that April was the month that marked the first year-over- year improvement in the
Texas industry. This outcome was based on different relevant factors such as the number of active
drilling rigs, the wellhead price of oil and gas, the recorded increase in the issued permits, volumes of oil
produced, upstream jobs and the value of Texas oil and gas output. It was noted that the part played by
the OPEC, Russia and other main players in the industry to tame the price of the black gold was
important stabilizing the wellhead oil prices.
Growth in production in U.S. oil and gas sector
The past few months have seen an improvement in the production of oil for the oil and gas sector and oil and gas investment
companies in the United States. This can be attributed to the use of the hydraulic fracturing technology.
This advancement comes even as the world, led by OPEC is looking to reduce the supply glut in an
agreement entered by the top oil producers. Matter of fact, most analysts think that the production
jump is hindering the achievements of the goals in the deal.
Improvements recorded in Texas
A recent Petrol Index based on the production in Texas produced by a fuel economist, Karr Ingham
showed the steady recovery of the industry in the Lone Star State. The TPI of different months were
compared to what was there in the previous year. The upward trend started late last year when the
figures in December was 150.6 compared to 148.0 recorded in November the same year. The TPI in
January was 153.3, again an improvement and February was no different after recording a TPI of 157.9.
The story continues, and April recorded 164.3 of the same units. In fact, compared to what was realized
in April last year, there was an increase of about 2 percent.
In the analysis, the economist highlighted the fact that the amount oil exported by the United States is
still a little less compared to what the agreement by OPEC and other producers agreed on. The left void
is one that the oil and gas firms in Texas are willing and ready to fill. There no doubt that the industry in
the said state will be in a position to continue improving. The trend has it, and definitely, the potential is
The TPI report for the month of April showed an increase in the production of crude oil by around 2.3
percent with the value also up by about 28 percent to $4.7 billion. The production recorded was 99.55
million barrels. And although the production of gas was down by 4.5%, the value was up 44 percent.