Rush for black gold: Texas one of top oil producers in worldwide marketplace
POSTED: Thursday, April 24, 2014 - 5:16pm
UPDATED: Friday, April 25, 2014 - 9:48am
Tyler, TX (KETK) — By the end of 2014, Texas oil production could exceed the output of every country in the world, except Saudi Arabia. The state produces 3.4 million barrels of oil every single day.
KETK spoke with the owner of Graward Operating, John Graham, who said, "Texas has been a primary producer of oil and gas for most of this nation's modern time, and part of that reason is not the fact that we have the opportunity to find that rock, but we have the capability through our government". According to the U.S. Energy Information Administration, this puts Texas ahead of Iraq, which produces just under 3 million barrels a day. Graham said, "We are exploiting the resource rocks, creating the jobs, and creating the amount of wealth that Texas is experiencing on a personal basis, job basis, and state tax basis".
This boom stemmed from an untapped area alongside Eagle Ford in South Texas, primarily thanks to new horizontal drilling techniques and hydraulic fracturing. An oil boom of this size brings about concerns of road damage and heavy water consumption, so officials are hoping to avoid a "boom and bust". Graham believes Texas can maintain this pace for quite some time, as long as oil barrels stay above $60.