The Texas Petro Index from petroleum economist Karr Ingham posted a modest decline for the third straight month in May to 210.1. After the base of 100 was established in January 1995, the index peaked at 313.9 in November 2014. Two years later, November 2016, it dropped to 146.6. After starting 2019 at 212.5, the index was 213.2 in February then declined to 212.4 in March and 212.1 in April. It is based on a comprehensive set of industry indicators.
Ingham said in the past year – from May 2018 to May 2019 – the price of a barrel of oil declined 13.6 percent, rig count declined 8.0 percent, and drilling permits declined 15.5 percent, but crude oil production increased 16.7 percent.