The Texas Petro Index tracks more than a dozen indicators of exploration and production activity for crude oil and natural gas. The June 2013 index registered 284.2 — a little more than 1% off the record set in September and October 2008.
Those numbers may understate the health of the industry. Economist Karr Ingham created and maintains the index for the Texas Alliance of Energy Producers. He says the Texas Railroad Commission is constantly upgrading its production estimates.
“Crude oil in particular, the production numbers, the production data, just continues to be revised upwards in massive chunks.”
Ingham estimates crude oil production in Texas totaled nearly 65 million barrels in June. That would be the highest level for Texas oil production since 1988.