Gas, oil prices rising

Compared to one year ago, gas prices are up. So is the price of oil. And all of this is impacting the Texas economy.

At $2.05, gas prices are about eight cents higher than they were last July. Oil prices per barrel have risen to just under fifty dollars a barrel. David Holt with the Consumer Energy Alliance says this is all benefiting Texas' diverse economy.

“Texas is the leader in energy production once again, which is where we were in the fifties, sixties and early 1970’s,” Holt told KTRH News.

As for the oil and gas sector, we are seeing two very different things. Holt says some companies are hiring, but the service side is seeing something different.

“If you’re on the service side, there is some tightening; there is some competition there,” Holt stated.

National Oilwell Varco last week announced job cuts even though its revenues increased slightly in the second quarter of this year.

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