Oil & Gas Recession Rebound - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Oil & Gas Recession Rebound

AMARILLO, TEXAS - A driving force of the Panhandle economy is on the recession rebound, bringing with it millions of dollars to the area. Over the past year, active drilling rigs have more than doubled in the Panhandle. Today, that amount has gone from 31 to 64 active rigs.1934

Each rig takes nine workers, being paid about $20 an hour. Multiply that by the 33 new rigs; that's an extra $12 million plus in Panhandle income.

Most of the new rig activity is in the eastern panhandle and in oil not natural gas. Experts caution though, numbers are always up during the fall, but still double the business from last year is impressive since opening up a new drilling rig isn't cheep.

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