100 new Texas jobs have been added to the oil and gas industry in July, according to one economist.
Economist Karr Ingham of the Texas Alliance of Energy Producers says operators across the state have begin to add jobs back for the first time since 2015.
Since the bottom began to fall out of the oil and gas industry 19 months ago, more than 102,000 jobs have been cut from every sector. The job loss rate slowed in June and in July, 100 jobs were added.
Ingram told Fuelfix that the net gain of 100 jobs reflects an increase of 900 oil field service jobs with a decrease of 800 jobs from exploration and production companies.
The gain in jobs is tiny, but is one of several positive signs that maybe the worst is over. This week, a total of 495 oil and gas rigs were running across the United States an increase of eight from last week with 241 of the rigs running in Texas. The rig count in the Eagle Ford is back up to 44 after bottoming out at 32 in May. Drilling permits in Texas are also on the rise and crude oil prices are remaining in the mid to high $40s after dipping as low as the mid $20s in February.