Texas Oil and Gas Rig Count Down by 300% in May

Courtesy: Chuck Smith / Red River Radio News

TEXAS RIG COUNT-  The price of oil and gas has been increasing a little lately but the number of new oil and gas drilling permits issued in Texas has declined sharply over the past few months.   The Texas Railroad Commission, which regulates the industry, reports permits for new wells in May were down more than 300 percent  [318.3% ] compared to the same time last year.  Ed Longanecker, who heads the Texas Independent Producers & Royalty Owners Association, expects the plunge in production to continue.