Spoils of record oil prices seen throughout Midland economy

Midlanders began 2006 watching natural gas prices hit record levels around $15 per thousand cubic feet. As the year progressed, they watched supply concerns, strong demand and political tensions send crude prices into record territory. In July, crude futures peaked at a record $78 before retreating to just over $60 at year's end.


"There is no denying the effect that as goes the oil and gas industry, so goes the economy of Midland," said Karr Ingham, an Amarillo economist. "It's been a great year -- a great couple of years with double-digit economic growth, double-digit increases in retail sales, growth in employment, car sales, construction. Virtually every sector of that economy has benefited from the price peaking well into the $70 range this summer; these are the spoils of those oil prices."

more on this story