Big Drop in Oil Price Hits Texas Drilling Permits Hard | Dallas Business Journal

The Texas Railroad Commission is definitely seeing a slowdown in activity as the price of crude oil nosedives.The state agency issued 1,508 original permits to drill compared to 3,046 permits in October. The price of crude oil has fallen more than $50 a barrel since June. Fewer permits will trickle down to the oil fields where companies will likely begin cutting jobs. The Dallas Federal Reserve projects that Texas will lose 125,000 jobs related to the falling price of oil by mid-2015.

via Drilling permits cut in half as price of crude oil hits Texas operators – Dallas Business Journal.

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