Energy markets responded to the Russian invasion of Ukraine with soaring energy prices, which will bring higher profits for Texas’ oil and gas industry, at least temporarily.
Energy experts say Russias invasion of Ukraine will give Texas energy industry a boost in the short term., our daily newsletter that keeps readers up to speed on the most essential Texas news.
Higher oil and gas prices mean more money for Texas producers — and could lead to industry growth in the near term, according to Karr Ingham, an economist with the Texas Alliance of Energy Producers.While Texas oil and gas producers could see more demand for their products, energy consumers in Texas and worldwide will foot the bill for increased global energy costs, analysts said.
“This may present a set of circumstances where Texas producers can jump in and fill the gap there,” Ingham said in an interview.
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