From Economic Standpoint, Texans Stands To Gain As Gasoline Prices Kept Low By Steady, Strong Production Rates
Growth within the industrial sector in Texas is on the rise, which some industry insiders attribute to the successes of the oil and gas field. For those researching Vista Sand CEO, the natural energy sector is undoubtedly strong in Texas and it’s a boost for residents and businesses alike.
According to a March 27, 2017 article from the Austin-American Statesman, accelerated factory activity is due in large part to the Lone Star state’s “stable” energy industry. The good news on the economic front comes from a state-level business outlook survey.
In the monthly Texas Manufacturing Outlook Survey, which is conducted by the Federal Reserve Bank of Dallas, expectations for future business conditions “continue to improve.” This is in addition to Texas factory activity increasing for the ninth consecutive month. A total of 115 Texas manufacturers responded to the survey and one manufacturer quoted anonymously in the Austin-American Statesman piece is recorded as saying, “As oil and gas goes, so goes our economy.”
The rosy economic outlook for Texas should — as the manufacturer above notes — serve as a confidence-builder for the state’s businesses. According to figures recently released by Texas oil and gas production regulators, 2.4 million barrels of oil were being produced daily in January. That figure is nearly the same as it was a year ago and if the rate holds steady, an NBC affiliate reports that prices at the pump will continue to hold steady.
Per that March 28, 2017 NBC report, Texas motorists filling up at the pump were paying approximately $1 less per gallon compared to the national average that nearly topped $3 per gallon. An oil company executive is quoted as saying that he doesn’t expect prices to fluctuate much in the near term, so long as refineries continue pumping out the “large amount” of gasoline that they have been as of late.