Crude oil production in Texas may be on the rise, but drilling activity for future reservoirs of
natural resources has dropped considerably, according to a new report from the Texas Alliance
of Energy Producers.
The alliance blames this dip in drilling activity to weakness in natural gas prices and instability
in crude oil markets.
“At mid-year, even though crude prices were recovering from an unexpected $30-per-barrel dip
in the second quarter, we speculated that aggregate activity levels might well cool a bit over the
balance of the year.