Skip to comments.The Rise Of Saudi Texas: Shale And Farewell To OPEC
Posted on 07/03/2013 7:30:20 AM PDT by SeekAndFind
Oil: Production data for April show how fracking has shattered not only the shale rock in formations like Texas' Eagle Ford and Permian Basin but also the myths of "peak oil" and petroleum as an energy source of the past.
As Mark Perry notes on his Carpe Diem blog, Texas produced an average of 2.45 million barrels a day (bpd) of crude oil in April, according to the Energy Information Administration (EIA). That's the highest average daily output for Texas in any month since April 1985 28 years ago.
In only 2-1/2 years, the Lone Star State has doubled its crude output, making it what Perry dubs Saudi Texas and reversing a 23-year decline that fueled speculation that the maximum rate of petroleum extraction has been, or will soon be, reached.
As of February, the most recent month for which international oil production data are available, Texas would be the 12th largest oil producer in the world if it were a separate country, only slightly behind Kuwait and Venezuela. This is due to an oil boom that's added the equivalent of the Bakken formation in North Dakota to the state's output in just the past 16 months.
At the current pace of output gains, Texas' production will likely surpass 3 million bpd by year-end, pulling it ahead of Venezuela, Kuwait, Mexico and Iraq to become the equivalent of the ninth largest oil-production "nation" in the world.
The Eagle Ford shale formation, a 400-mile-long, 50-mile-wide, crescent-shaped field in the south central part of the state, is still brimming with crude. Its production in March rose 77% from a year earlier to 529,900 bpd, the Texas Railroad Commission reported.
(Excerpt) Read more at news.investors.com ...
And to think the environmentalist wackos wanted to shut down drilling in the Permian Basin because of a G-damn lizard.
Sorry, that sh!t doesn’t play here.
More jobs and people with decent paying jobs buy more stuff benefiting sellers of that stuff. The Texas oil millionaire isn’t dead yet.
ND joins OPEC...and various Arab and dim heads exploding all over
Let them eat sand! To see that part of the world descend back into it’s medieval former condition would be wonderful to watch.
That’s all good news ... but I don’t like that “Saudi” Texas moniker.
as a native Texan,I don’t either.
Now, The Republic of Texas, I like that!
Now we’re talking!
IBD EDITORIAL PING
Where are the ‘peak oil’ folks I used to fight with on here?
2.45 million BPD from Texas. What is the current price of gas there and how much has it come down in price since the boom hit?
It’s 3.39 a gallon for me, and I spend upward of $100 a week on gas (for an F150, 5.7L V8, 4x4). I drive 75 miles a day round trip for work, and have 65,500 miles in just over 3 years on the truck.
In 191 fuel-ups on the F150, I’m running an average of 15.5 MPG, and my average price per gallon is $3.38 over those three years. I have never missed tracking a fuel-up. I’ve spent a total of $2,576.05 on gas.
That said, it’s still about twice what it should be. The most I remember paying is 3.939 a gallon, in April of 2011.
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