AUSTIN (AP) – Texas’ oil and natural gas industry added 4,700 new jobs between September and December last year and is starting to “ease out of the dramatic downturn.”READ MORE: Fort Worth Mayoral Runoff Candidates Discuss Policy Differences At Forum
That’s the message from Texas Oil and Gas Association President Todd Staples, anyway.
On a conference call Tuesday, Staples said that, despite the downturn, his industry paid $9.4 billion in state and local taxes and royalties in fiscal year 2016.READ MORE: Colonial Pipeline Restarting Operations After Cyberattack
The energy sector lost nearly 100,000 jobs statewide as oil prices crashed from 2014’s $110-plus per barrel peak to less than $30 last year. They’re improving, but Staples said projecting prices only up to $59 per barrel through fiscal year 2019 was “fairly realistic.” That likely means little relief for Texas Legislature budget writers already struggling with tighter coffers caused by plummeting oil prices.
That likely means little relief for Texas Legislature budget writers already struggling with tighter coffers caused by plummeting oil prices.MORE NEWS: Dallas City Cameras 'Out Of Order' At Crucial Moment Hinder Deadly Hit-And-Run Investigation
(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)