Wednesday, October 23rd, 2013 and is filed under Oil and Gas Current Events, Texas Oil and Gas Investing
Most people can’t think about Texas without thinking about oil, and a recent flood of investment into two onshore shale fields has helped the state bolster its title as one of the world’s leading energy producers.
According to the Texas Railroad Commission, the Lone Star produces about 1.7 million barrels of oil a day. That’s more than 52 million barrels a month. The American Enterprise Institute said that if the Texas were a sovereign nation, it would be the world’s tenth largest oil producer.
The Lone Star state has also seen a significant increase in natural gas production. Add it all up, and it’s easy to see why Texas has helped make the U.S. the world’s largest energy producing nation—surpassing Russia this year.
The energy boom has given the state’s economy a huge boost. Overall, 25 percent of employment in Texas is directly tied to the energy industry, and it generates about $12 billion a year in taxes.
Read more on CNBC.com
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