Energy Boom: Texas Creeping up on Iraq’s Crude Oil ProductionPosted: July 3, 2014
HOUSTON, Texas–For Breitbart.com, Kristin Tate reports: 3 million barrels of crude oil are now being produced in Texas each day, according to new federal data from the U.S. Energy Information Administration (EIA). This means that the state has almost reached the production level of Iraq, the second-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC).
Texas’ oil production has been increasing rapidly in recent years: in 2009, the state only produced about 1.1 million barrels of oil. The gas and oil industry continues to explode in the Lone Star State, thanks in part to the Eagle Ford Shale and Permian Basin.
The EIA reported, “Gains in Texas crude oil production come primarily from counties that contain unconventional tight oil and shale reservoirs in the Eagle Ford Shale in the Western Gulf Basin, where drilling has increasingly targeted oil-rich areas, and multiple reservoirs within the Permian Basin in West Texas that have seen a significant increase in horizontal, oil-directed drilling.”
North Dakota’s oil production also saw an increase; the state produces about 1 million barrels per day.
Together, Texas and North Dakota currently produce about half of the nation’s total crude oil.
The boom could carry Texas’ economy for years to come. The only potential threat to the mega-industry? Politics.
Josiah Neeley, a Policy Analyst at the Texas Public Policy Foundation told Breitbart Texas, “Is a gas and oil ‘bust’ coming? That’s a political question more than a natural resources question….(read more)
Follow Kristin Tate on Twitter @KristinBTate.
- Texas oil reaches 3 million barrel per day milestone in April; as separate nation it would be world’s 8th largest oil producer (aei-ideas.org)
- Trains keep rolling from Permian Basin (fuelfix.com)
- 3 Ways to Profit If the Crude Oil Export Ban Is Lifted (fool.com)
- More energy milestones for ‘Saudi Texas’: February oil output hit a 33-year high and was 36.4% of all US crude oil (aei-ideas.org)
- Let if flow: Texas produces more than a third of all U.S. crude oil (bizjournals.com)
- Texas Produces More Oil Than 11 OPEC Nations (drudge.com)
- Eagle Ford, Permian fueling ‘greatest comeback story’ (mrt.com)