Barnett Shale Bust Not Over Yet

I'd been hearing that Wise County's oil and gas business was picking back up. I'm not so sure after this article today. Highlights:

• Natural gas prices in Texas are currently averaging $3.62 per thousand cubic. This is down from $12.33 per thousand cubic feet in July 2008.
• As of July 2009, there were 342 drilling rigs in Texas in production. This was down from a peak of 958 rigs at the end of August 2008.
• Petroleum economist Karr Ingham said,“That adjustment is not complete, so it appears that thousands more Texans will be sent packing before this cycle hits bottom.”