The Texas Petro Index registered a series high of 295.0, thanks chiefly to rising crude oil production. Production totaled nearly 857 million barrels in 2013, an increase of 21% over the previous year. Karr Ingham is petroleum economist for the Texas Alliance of Energy Producers.
“We produced more crude oil in Texas in 2013 than we have any year dating back to at least 1985. And by year end, the daily rates of production, which is often how crude oil production is measured, the barrels per day that are produced probably outpaced any month dating back to sometime in 1981,1982.”
While production continued to rise, both the state’s active rig count and the number of new drilling permits issued fell in 2013 compared to 2012. In addition, the number of Texans employed in the oil and gas industry continued to slide, after hitting a record high in August.