Marcus HIles Discusses Why Things Are Looking Bright For Houston Workers

The day following OPEC’s agreement to cut production by 1.2 million barrels per day, U.S. crude saw its biggest daily price spike in more than seven years, climbing by nearly ten percent to $49.44. “This means 2017 will be a better year for oil and gas activity,” said David Pursell, research manager at energy investment banking firm Tudor, Pickering, Holt & Co. to the Houston Chronicle. “It’s really good for Houston and the white-collar jobs.” Above the $50-plus range, the New York Times reported that prices could spike through the winter months, further accelerating economic recovery. Along these lines, in December the monthly Purchasing Managers Index, a survey of supply chain leaders to measure commercial activity, gave Houston its third positive report in a row, citing near-term expansion in employment, sales and production among important industries, notes Marcus Hiles. “We’re seeing fairly significant strengthening in most of the underlying sectors, particularly oil and gas,” Ross Harvin, report compiler for the Institute for Supply Management, told Houston Public Media.

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