Permian Basin Economy Bottoming Out

Although the Odessa, TX economic index continued sluggish in September, one piece of okay news is that the Permian Basin regional oil and gas economy is “in the process of bottoming out,” according to economist Karr Ingham. As such, Ingham, in his monthly report to the Odessa Development Corp., indicated a few more months of contraction in the current cycle.

Still, he pointed out that September’s Odessa Economic Index of 194.1 was “well ahead of its post-recession low point,” while its position at the end of the current cycle won’t match the prior trough from the recession. Ingham indicated that gains achieved in the five-year expansion leading up to the downturn haven’t been “undone” in the current contraction.

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