Texas Oil and Gas Industry Still Hurting, Will Take More Time to Recover

More people are heading back to work across the nation this week. In addition, many businesses are back open in Texas. However, one industry that's still hurting is oil and gas.

While many were hoping the oil industry would bounce back as the state reopens, it's clear it's not going to happen that fast. The total rig count in Texas was down again last week, to 128. This, after the state’s Workforce Commission reported the industry shed more than 26,300 jobs in the month of April. Petroleum Economist Karr Ingham says the economic shutdown and drop in global demand for oil set record lows.

“The fallout, just from what’s already occurred, is going to last for months into the future. So, it’s no surprise that the rig count continues to fall and employees of oil and gas companies in Texas continue to be shed by those companies,” Ingham said.

He also is worried there may be more layoffs in the meantime as the industry continues to recover.


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