The oil business is booming in the state of Texas right now. According to the Houston Chronicle, which cited an index that tracks energy activity throughout Texas, oil companies in the state have added approximately 12,000 new jobs in the last six months. This brings the total number of oil and gas-related jobs in Texas to over 200,000, representing an increase of 3 percent over the last 12 months, and it’s a great sign for the overall well-being of the oil industry. It shows that the industry has recovered significantly after faltering in recent years.
One of the reasons the oil industry in Texas is so strong right now is that there has been a drilling boom in the Permian Basin located in the western part of Texas and the southeastern part of New Mexico. Accounts tied to the Permian Basin currently represent about half of the total number of oil drilling rigs in the entire country. And Texas isn’t the only state enjoying a boost in business, as the number of oil and gas rigs is up across the country. The total number of rigs sits at more than 900 right now, which is up from just over 400 in May, and each operational rig represents about 30 jobs.
But despite all of this good news both in Texas and in other parts of the country, there is still plenty more work to be done. In Texas, the oil and gas workforce is currently about 30 percent smaller than it was back in 2014 when the price of oil plunged to dramatic lows. The Texas Petro Index also sits at about 165 points at the moment, which is significantly less than its peak of 313.5 points in late 2014. But with new jobs opening up every day, there’s good reason to be optimistic about the future of the oil and gas industry in Texas.
