TX Petroleum Index Hits New high | Russell T. Rudy Energy LLC
The Texas Petroleum Index (TPI) established a new high in June, according to an article in “Rigzone”. The TPI is a composite based on a comprehensive set of indicators including oil price, rig count, drilling permits, well completions, oil and gas production volumes, and other factors. The June, 2014, index of 308.4 is 7.3% higher than a year ago.
Texas oil production has been increasing for 54 months and is up 180% during that period. Some industry observers feel that production might surpass the previous record established in 1972.
Analysts believe that geopolitics in other regions are driving up the price of crude which in turn has kept the industry’s upward momentum going. In fact, some feel that prices might be even higher were it not for restrictions on the export of crude and liquefied natural gas.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/134240/Texas .
