The Texas Petro Index by petroleum economist Karr Ingham declined for the eighth straight month in October and fell below 200 for the first time since 2010. The index, based on a comprehensive set of industry economic indicators, was 196.9 for October (base 100 in January 1995). The index started the year at 212.5 in January and increased to 213.2 in February, but it has dropped steadily to 201.0 in September and below 200 in October. It peaked at more than 300 in 2014. The index a year ago in October 2018 was 213.3.
Ingham said in the past year the price of oil (monthly average) declined 25.2 percent (from October 2018 to October 2019), the price of natural gas (first of month spot index) declined 41.7 percent, rig count fell 21.4 percent, drilling permits declined 15.5 percent, oil completions fell 45.6 percent, gas completions fell 31.2 percent, and total oil and gas employment was down 2.7 percent. In the past year production was up 9.6 percent for oil and 10.8 percent for natural gas.