Total crude oil production in Texas in March dropped by close to 2 percent from the previous month, data from the state energy regulator show. The Railroad Commission of Texas, the state’s energy regulator said preliminary data from March show crude oil production averaged 2.31 million barrels per day, down from the 2.34 million bpd reported in February. A depressed crude oil market leaves energy companies with less money to invest in exploration and production. The market may be leveling off, however, as oil services company Baker Hughes reported the 373 active rigs in service in Texas for the week ending May 22 was unchanged from the previous week. The industry is nevertheless sagging. The Texas commission said it issued a total 848 […]