The Texas Petro Index by petroleum economist Karr Ingham continued its decline in July despite rising crude oil production. The index fell for the fifth straight month in July to 205.5 from 207.1 in June. After ending 2018 with 212.3, the index increased to 212.5 in January and 213.2 in February. But it declined to 212.4 in March, 212.1 in April and 210.1 in May (base 100 in January 1995). Ingham’s index is based on a comprehensive set of industry indicators.
Crude oil production was up in July 2019 by 14.5 percent to 157,886,000 barrels from July 2018. But declines were posted in the past year of 19.9 percent in monthly average oil price per barrel to $53.98, 43.8 percent in natural gas price to $1.41 (first of month spot index), 13.0 percent in monthly average rig count to 457, 20.9 percent in drilling permits, and 33.7 percent in oil completions. Total oil and gas industry employment was up 1 percent in July 2019 in the past year to 223,550.