Texas Petro Index declines; production and employment are up

Texas Petro Index from petroleum economist Karr Ingham declined slightly for the second consecutive month in April to 212.1 after 213.2 in February and 212.4 in March. Ingham’s index, based on a comprehensive set of industry indicators, started with a base of 100.0 in January 1995. A year ago April 2018 the index was 197.4. Ingham said since April 2018 the price of a barrel of crude oil has declined 4.0 percent, average monthly rig count declined 1.4 percent, drilling permits for the month declined 25.6 percent, oil production volume for the month increased 21.2 percent, and industry employment for the month increased 3.4 percent.