Marcus Hiles notes that the following day after the members of OPEC agreed to reduce production by 1.2 million barrels per day, U.S. crude saw its biggest daily price gain in over seven years, climbing by almost ten percent to $49.44. “This means 2017 will be a better year for oil and gas activity,” noted David Pursell, research manager at energy investment bank Tudor, Pickering, Holt & Co. in the Houston Chronicle. “It’s really good for Houston and the white-collar jobs.” Now above $50, the New York Times reported that prices could continue to rise in the winter months, further accelerating economic recovery. Confirming these notions, in December the monthly Purchasing Managers Index, a survey of supply chain leaders which measures commercial activity, gave Houston its third positive report in a row, indicating near-term expansion in employment, sales and production among all top industries. “We’re seeing fairly significant strengthening in most of the underlying sectors, particularly oil and gas,” Ross Harvin, who compiles the report for the Institute for Supply Management, stated in Houston Public Media.

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