Texas oil production soars
POSTED: Tuesday, October 8, 2013 - 6:05pm
UPDATED: Wednesday, October 9, 2013 - 10:03am
Texas always had a reputation for oil production, but until recently, it was more history than fact.
That has been reversed thanks to new use of old techniques like fracturing or fracking.
There are 927 active oil rigs on land in Texas.
That’s 55% of all the land rigs in the United States.
And if you want to expand that internationally, roughly a quarter of the rigs in the world are drilling right here in Texas.
And in August, the Texas Railroad Commission approved permits for 1600 more.
In July, Texas produced over 52-million barrels of oil.
And in terms of total energy production, that doesn’t even include natural gas.
Texas holds 23% of the nation’s natural gas reserves.
The oil and gas industry alone accounts for 15% of Texas’ gross state income.
The US has now passed Russia and Saudi Arabia to become the number 1 energy producer in the world.
And in just a few years, Texas alone will rank in the top 7.
And if we broaden the definition, Texas leads the nation in wind powered electric generation and is number 5 in coal.