Texas Oil And Gas Numbers Fly Off The Charts The growing scale of the oil and natural gas boom in Texas continues to stun most observers. We have discussed this phenomenon periodically (see prior pieces here and here) , but the newest developments are so off the charts that an update is warranted. We’ve pointed out a couple of times that Texas’s oil production represents roughly 30% of the total US output, an amazing statistic, especially considering that the percentage was below 15% just a few years ago. In May, that statistic became even more amazing, as Texas accounted for 34.5% of total US oil production, thanks to continued production growth in the Eagle Ford Shale and in several shale plays in the Permian Basin region of West Texas. As Dr. Mark J. Perry points out in his Carpe Diem blog, Texas’ daily oil output has doubled in just a little more than two years, averaging 2.525 million barrels per day in May, the highest daily output the state has experienced since April 1982. In February of this year, Texas – were it a nation in and of itself – would have ranked as the 14th largest oil producing nation on earth. In April – the most recent month global data is available – Texas would have ranked 12th among all nations, in this category, just ahead of Venezuela, and slightly behind Kuwait and Mexico. By the end of the year, when Texas’s daily production is likely to exceed 3 million barrels per day, Texas would likely rank 9th on this list. Extraordinary. Where natural gas is concerned, Texas accounted for just over 27% of all US production in May, and would still rank 3rd among all nations in natural gas production, behind Russia and the other 49 US states. Facilitating all of this production growth is the fact that the latest rig count indicates Texas remains home to 832 drilling rigs, about 47% of all land rigs in the United States, and fully 25% of all the rigs working anywhere in the world. Again, extraordinary...... Read More:forbes/sites/davidblackmon/2013/08/07/texas-oil-and-gas-numbers-fly-off-the-charts/ Urestilaw
Posted on: Tue, 19 Aug 2014 19:12:29 +0000
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