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Economist says Texas oil drillers may have unlocked crude supply lasting “decades into the future”

Texas has lost at least 60,000 upstream oil and gas jobs, plus as many as 250,000 supply chain and retail jobs indirectly, as a result of the oil crash, according to an analyst with one of the top industry trade groups in the state.

Karr Ingham, a petroleum economist who compiles the semi-annual Texas Petro Index for the Texas Alliance of Energy Producers, also doesn’t expect those losses to stall in 2016.

The TPI’s estimate of 250,000 job losses in Texas is devised from a multiplier tying upstream oil and gas job cuts to jobs elsewhere in the economy. Ingham said he believes four or five indirect jobs are lost for every upstream job in the state. Other economists put that estimate at six to seven indirect jobs, raising by hundreds of thousands the state’s potential job losses.

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