DENTON (UNT), Texas =96 Thousands of North =
Texas oil and=20
gas industry jobs have disappeared in recent months as =
commodity prices have plummeted. =20
=
|
Dr. Terry=20
Clower,=20
director of the University of North Texas=92 Center =
for Economic=20
Development and Research, says that the weakening of =
oil and=20
gas industry will likely have negative effects on the =
North=20
Texas overall economy.
=93Thousands=20
of gas-field jobs have disappeared in 2009 as natural =
gas=20
prices have fallen below $4," says Clower. =20
"Unfortunately, this is also sparking layoffs in other =
sectors=20
of the economy as drillers and gas field service =
providers=20
slow down operations and spend less for goods and =
business=20
services.=94
=
|
Clower says=20
that drilling and production activity in the Barnett =
Shale=20
helped insulate North Texas from the national economic =
downturn, but that the loss of employment in the =
sector will=20
likely slow the pace of economic recovery in the =
region. He=20
also says that declining royalty payments to mineral =
rights=20
holders will likely exacerbate the already weak =
regional=20
retail sales.
Clower=20
predicts that the oil and gas industry, and =
subsequently the=20
North Texas economy, will show improvement during the =
fourth=20
quarter of 2009.
=93As the =
economy picks up=20
steam, demand for natural gas will increase and prices =
should=20
firm up at significantly higher levels," Clower =
predicts.=20
"Here's hoping for a cold, early=20
winter.=94