Skip to comments.Texas to become world’s number 3 oil producer, passing Iran
Posted on 07/20/2018 7:22:38 AM PDT by Rusty0604
Plunging drilling costs have sparked an explosion of production out of the Permian Basin of West Texas. In fact, Texas is pumping so much oil that it will surpass OPEC members Iran and Iraq next year, HSBC predicted in a recent report.
If it were a country, Texas would be the worlds No. 3 oil producer, behind only Russia and Saudi Arabia, the investment bank said.
Its remarkable. The Permian is nothing less than a blessing for the global economy, said Bob McNally, president of Rapidan Energy Group, a consulting firm
The industry cracked the code on fracking, said McNally.
Texas is producing so much oil that it will soon be bumping up against pipeline capacity. Some producers are already selling at a discount because of the limitations. Another problem is a shortage of labor, though that will likely be good news for the state and for people moving to Texas to find work.
The boom in Texas is one reason the U.S. is set to become the worlds number one oil producer. Last week, U.S. production reached an all-time high of 11 million barrels per day:
(Excerpt) Read more at hotair.com ...
The Texas oilmen were the only bright spot that kept the economy from going under during the dismal Obama Depression. They should be given credit for saving the US economy in those dark days.
Yay! Go Texas!
Plenty of new entitlement budget money coming in to spend on millions of illegals on the way if no wall is built thanks to RINOS.
Sorry to spoil the party.
One thing about those that live/work in the Basin, they know how to adapt to the boom/bust cycles of the oil industry.
... until the next hurricane approaches !!
I lived there from the late seventies to the middle nineties. I remember during one bust the bumper sticker “last one to leave Midland turn out the lights”. I was working there once a month when the last downturn happened, lots of rigs lined up on 191. Better now.
Hurricanes don’t hit the Permian Basin, but they could disrupt pipelines and refineries in other parts of the state.
And then there was the bumper sticker praying for one more boom, promising not to p!$s off all the money this time.
They should be given credit for saving the US economy in those dark days.
Hussein Obama was placed as POTUS to do as much damage to the US as possible. On Hussein's watch, the national debt was doubled, record numbers on food stamps, unemployment was high, ......
Everything was set up for Hillary to finish the country off. And the Texas oilmen helped stop that. Instead of praising oil, maybe you should help the progressives destroy America by attacking them too. Everywhere you see them, in the stores, in restaurants, stop them from helping Trump.
Great news. No how about getting some more refineries built too. If fuel/oil is a national security issue, it should be a snap to get new refineries built.
Would love to have the lowest price at the pumps in the world - MAGA!!
Oh, and BTW. Elon Mush is really saddened by the Texas news.
We should only sell it to Americans. Not to China or anyone else.
MAGA!!!! Go, Trump!
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