MIDLAND, Texas – Oil and gas prices have remained stable over the past few months, which is good news for the local economy.
“Because there’s traditionally been a boom-and-bust cycle out here, workers will leave and never come back because they don’t like losing their jobs,” said Mickey Cargile of Cargile Investment Management. “It’s something that’s been out here all our lives. It’s a bit different now because we have a little smoother phase with the oil production.”
There is currently a gap in the number of workers needed to fill vacancies for jobs in the region.
“It’s difficult to get workers here,” Cargile said. “Local unemployment is around 2.8%, so obviously that means there are more jobs than workers.”
Getting more people to come to the Permian Basin is about building a place where people want to live.
“To get more workers out here, you know, we need to build our infrastructure a little bit more,” Cargile said. “But if you have good paying jobs like the ones we have out here, it will kind of take care of itself.”
From today’s perspective, it looks like they will stay the course.
“My prospects for the future here remain bright,” said Cargile. “It might soften up a bit, but I don’t think it’s going to be enough for most people to notice.”
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