Economic outlook for oil and gas industry in our area - KSWO 7News | Breaking News, Weather and Sports

Economic outlook for oil and gas industry in our area

Amarillo, TX - A major industry in our area is predicting a strong year for 2014.

The oil and gas industry is anticipating production to grow substantially, which should continue to help boost the economy across The Panhandle.

An oil and gas specialist in our area, Tom McCarty, expects the employment numbers for the industry to grow in 2014.

"So far our employment figures are very good ... and again the oil and gas industry is just going to keep growing and employment should continue. We are in really good shape in The Panhandle, Amarillo is in great shape.

 McCarty says the industry is anticipating production to continue to grow because of new technology.

"The technology is so much better than it use to be for finding and extracting hydrocarbons at a zone that once upon a time, we could not extract from. In 2014 we should see production increase because we are finding new fields on a regular basis, new zones that once you couldn't get anything out of and now they are good zones."

McCarty adds success in oil and gas is a good because the industry is giving back to our area.

"These people who are in the oil and gas industry are giving an awful lot to charity causes. And I have talked to several that say they have been so blessed by this. Because these people share, you know, they have been through hard times.

McCarty says around 25 to 30% of employment in The Panhandle can be attributed to the oil and gas business.

And up in 60% in certain counties such as Ochiltree and Wheeler.

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