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Economist Says TX Could Lose ‘Hundreds More Rigs’

Fuel Fix reports that “more than half of the rigs operating in Texas could cease operations in response to plummeting oil prices, a prominent oil industry economist said Friday.”  

“Karr Ingham, who compiles the monthly Texas Petro Index, said the state could lose more than 600 rigs, just as it did during the 2008-2009 oil price collapse tied to that period’s global economic slump.”  

“’I think people haven’t quite gotten a grip on what’s possible,’ said Ingham, who compiles the index for the Texas Alliance of Energy Producers, a trade group.”