Houston’s Oil Industry is Recovering

Oil companies are doing better in this economy, but the total recovery for Houston may be slow and steady. The price of a [oilprice.com/]barrel of crude may float around $50 for some time.

Oil and gas expert Baron Lucas says oil is more profitable for American companies now because technological advances make getting it out of the ground less costly. Production is way up.

“What really is the issue is, is where is the demand to take all this stuff out of the pipeline and into the refineries and into consumers,” Lucas specifies. “The answer to that is I don't know, other than the American economy is growing.”

Houston is benefiting. Lucas says some service companies, equipment manufacturers and supply houses may still be struggling. Houston's rebound is still affected by many outside factors -- like the global economy.

But, is the bust over?

“Is the oil bust over? I would say yes.

“It's not over because the oil prices have gone up so significantly,” he says. “It's over because we are competitive with the oil market.”

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