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Texas to become world’s number 3 oil producer, passing Iran
Hot Air ^ | 07/19/2018 | JOHN SEXTON

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 world’s No. 3 oil producer, behind only Russia and Saudi Arabia, the investment bank said.

“It’s 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 world’s 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 ...


TOPICS: Business/Economy; Russia; US: Alaska; US: Texas
KEYWORDS: 2018election; 2020election; alaska; bobmcnally; drillbabydrill; election2018; election2020; energy; hydrocarbons; incometaxes; maga; opec; palinwasright; permianbasin; rapidan; russia; sarahpalin; saudiarabia; taxcutsandjobsact; taxreform; tcja; texas
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1 posted on 07/20/2018 7:22:38 AM PDT by Rusty0604
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To: Rusty0604

MAGA! DJT!!!


2 posted on 07/20/2018 7:26:01 AM PDT by Don Corleone (Nothing makes the delusional more furious than truth.)
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To: Rusty0604

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.


3 posted on 07/20/2018 7:26:52 AM PDT by txrefugee
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To: Rusty0604

4 posted on 07/20/2018 7:30:54 AM PDT by TADSLOS
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To: txrefugee

Instead....


5 posted on 07/20/2018 7:32:06 AM PDT by Rusty0604
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To: Rusty0604

Yay! Go Texas!


6 posted on 07/20/2018 7:45:01 AM PDT by JPJones (More tariffs, less income tax.)
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To: JPJones

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.


7 posted on 07/20/2018 7:48:43 AM PDT by frank ballenger (End vote fraud , non citizen voting & leftist media news censorship or we're finished.)
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To: Rusty0604
And to think that just a couple of summers ago, the Permian Basin was in the doldrums. We spent a night in Hobbs, NM where the hotels were at 25% occupancy...a few months before the slide, they were at 90%, and a half dozen new hotels were under construction.

One thing about those that live/work in the Basin, they know how to adapt to the boom/bust cycles of the oil industry.

8 posted on 07/20/2018 7:49:44 AM PDT by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Gonzales! Come and Take It!)
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To: Rusty0604

... until the next hurricane approaches !!


9 posted on 07/20/2018 7:53:37 AM PDT by George from New England (escaped CT in 2006, now living north of Tampa)
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To: Night Hides Not

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.


10 posted on 07/20/2018 8:04:39 AM PDT by Rusty0604
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To: George from New England

Hurricanes don’t hit the Permian Basin, but they could disrupt pipelines and refineries in other parts of the state.


11 posted on 07/20/2018 8:06:50 AM PDT by Rusty0604
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To: Night Hides Not

And then there was the bumper sticker praying for one more boom, promising not to p!$s off all the money this time.


12 posted on 07/20/2018 8:10:01 AM PDT by Rusty0604
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To: txrefugee
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.

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.

/SARC

13 posted on 07/20/2018 8:21:17 AM PDT by politicianslie (OPTIMIST-Glass 1/2 full- PESSIMIST 1/2 empty TO ENGINEER, Glass is twice as big as it needs to be!)
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To: George from New England

14 posted on 07/20/2018 8:53:09 AM PDT by Bikkuri
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To: Rusty0604

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.


15 posted on 07/20/2018 8:59:16 AM PDT by deadrock
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To: Bikkuri

Would love to have the lowest price at the pumps in the world - MAGA!!


16 posted on 07/20/2018 8:59:51 AM PDT by conservativesister
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To: Rusty0604

Oh, and BTW. Elon Mush is really saddened by the Texas news.


17 posted on 07/20/2018 9:00:08 AM PDT by deadrock
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To: deadrock

:-)


18 posted on 07/20/2018 9:09:08 AM PDT by Rusty0604
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To: Rusty0604

We should only sell it to Americans. Not to China or anyone else.


19 posted on 07/20/2018 9:54:13 AM PDT by bgill (CDC site, "We don't know how people are infected with Ebola.")
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To: lonevoice

MAGA!!!! Go, Trump!


20 posted on 07/20/2018 10:21:02 AM PDT by Pride in the USA
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