The Texas Petro Index (TPI), a composite measure of several economic indicators in the Texas upstream petroleum industry, indicates that the oil and gas business in the state grew at a steady pace in 2010.
The TPI, produced by the Texas Alliance of Energy Partners, showed a 12-month increase of 22.1%, indicating that the energy industry is the number one factor driving job creation in the Lone Star state. This was due primarily to strong oil prices, which averaged $75.96/bbl in 2010, 30.3% higher than in 2009.
Natural gas prices were up, too, averaging $4.32/Mcf last year, a 19% increase over 2009. But abundant supplies overwhelmed the modest demand growth, and acted as a drag on gas prices. After starting off 2010 above $5/Mcf, gas prices sagged to a December average of $4.19/Mcf. In all, the upstream petroleum industry accounted for about 8.5% of the state’s economy.
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