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April 30, 2013

The Amazing Texas Energy Turnaround

Lots of numbers and a nice chart. Bottom line - Texas has wiped out a two-decade decline in crude oil output, and that within just the last 3 years. It is the largest oil producing state in the US, pumping out 32% of all domestic crude. If it were a nation, it would rank 13th in the world.

Texas oil output in February, at an average of 2.295 million bpd, was 25.3% greater than the combined 1.83 million bpd of US oil imports that month from all of the Persian Gulf countries (Saudi Arabia, Iraq, Kuwait, and Qatar). In fact, Texas oil output has exceeded Persian Gulf imports in each of the last seven months starting last August, something that has never happened before in the history of monthly EIA data for Persian Gulf imports going back to January 1993.

The south Texas Eagle Ford field is now the largest oil and gas production field in the world. 6 years ago it was barely a blip.

This massive growth in energy production has helped fuel job growth. In the prior 12 months through March payrolls grew in Texas by 329,500 jobs (17% of all US jobs).

Black gold. Texas tea.


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posted by Dave In Texas at 12:46 PM

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