Signs, Signs, Everywhere Are Signs via the Blog of the Real Estate Center

Besides the fall in oil prices to approximately $50 dollars a barrel, other signs point to a decline in the Texas oil industry. Recently published employment figures show the number of persons employed in the state’s oil and gas extraction industry has declined for three consecutive months, registering a much bigger decline in January (Figure 1).

The last time this happened was early in 2009 when the global economy was in the midst of the Great Recession. This time around the U.S. economy is not suffering a recession, but various indicators are signaling a possible downturn in the oil industry. The number of operating rigs in the state fell to 599 in the month of February (Figure 2).

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