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November 16, 2013

Black Gold, Texas Tea

Texas is experiencing an incredible boom in oil and gas production, because of technology and as bank robber Willie Sutton said "because that's where the money is."

In this case, the money is oil. And it's in Texas. Two shale fields in Texas together are producing more oil than any other field in the world.

Shale production is more expensive than pulling it out of the ground in Saudi Arabia, but at current market prices it's more than profitable to pump it out of these oil-trapped-in-rock formations. Some of these fields, like Eagle Ford have multiple layers. Right now Texas is producing 32% of all domestic oil. A half million jobs. And the economic upheaval it stressing the infrastructure in places where ten years ago there were rusting pumps and empty lines since the 80s.

So the Saudis have a cost advantage of production from the ground, but a disadvantage on shipment and refining. We're more than happy to take advantage of it.

The job opportunities are crazy insane.

Edgar Hernandez, 32, left Dallas for Midland two years ago when he couldn’t find work. He says he’s earning $2,000 a week working as a diesel engine mechanic for an oil field services company, but the lack of housing means he and his wife have had to live in a trailer home on the side of Interstate 20. “I came here, and right away I had a job,” he said. “Everyone is looking for people.”

Saudi Arabia's answer to this surge is to build refineries they never bothered to build, because they never needed them. But to stay competitive they need em now.

So if you have a high school diploma and would like to make $80,000 a year handing out bottled water to roughnecks, buy yourself a camper home and head to Midland.

Hotels and apartments are just too damned expensive right now.


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posted by Dave In Texas at 07:33 PM

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