Texas sees unparalleled economic boom from oil prices

KRISTV | Greg Chandler
Oil prices are expected to stay stable through 2018.
After bottoming out at less than $30 a barrel in January 2016, crude prices closed April at almost $69. Industry experts expect the trend to continue. “We’re expecting the oil price to continue to stay for the rest of the year, and that is good for oil drilling and oil production,” said Texas A&M Corpus Christi Economics Professor Dr. Jim Lee. Prices are up and so is production. “The key is it’s a steady increase,” said Lee. In January 2016, Texas oil fields produced about 1.2 million barrels of crude. Compare that to close more than 4.4 million barrels produced last month. “Starting at the beginning of last year, 2017, we started to pick up,” said Lee. “That’s the reason you’re seeing more activity, more hiring, and more businesses being developed.”
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