Tough Times And A Few Bright Spots For The Texas Energy Industry

Oil prices are up, as is solar energy production. But energy sector employment is down 30%, too.

By Alexandra Hart & Kristen CabreraDecember 28, 2020 11:46 am

For all the struggles 2020 has brought to the world and to the economy, there are a few energizing bright spots, including some for the energy sector.

Matt Smith, director of commodity research at ClipperData told Texas Standard that while the energy industry as a whole is not thriving, some indicators, including the number of active drilling rigs, are up.

“The U.S. oil rig count has risen 15 out of the past 16 weeks,” he said. “It’s up 50% from the low seen in mid-August. But it’s still lagging year-ago levels by over 60%.”

What you’ll hear in this segment:

– How COVID-19 had impacted the energy industry in Texas this year

– Why jobs will be slow to come back, even as oil prices rise

– How solar energy production is growing in Texas

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