Spotlight On: Texas Oil Production
A quick glance at the chart above shows that the production of oil in Texas was in steep decline until 2008. That’s the year that fracking and horizontal drilling reversed Texas oil production, as well as oil production within the rest of the United States.
And that reversal – as pictured above – has been dramatic.
Today, oil and gas production within Texas is now flirting with record rates. According to the U.S. Energy Information Administration, Texas produced around 2.7 million barrels of crude oil each day in September 2013, a stark 30% increase over the state’s daily average in September 2012. In comparison, Texas produced an average of 3.4 million barrels of oil each day back in 1972.
Thanks to fracking, Texas is now one of the 15 top oil producing entities in the world – which means that the Lone Star State, by itself, ranks with top oil producing nations such as Venezuela and Kuwait. That’s not only great news for Texas – it’s great news for the entire U.S.