How Texas Will Lead America’s Energy Future
Posted by: Anna | 10/01/2013 at 09:00 AM
A surprising transition in the global energy market indicates that by 2020, the United States could outrank both Russia and Saudi Arabia as the world’s largest oil producer, according to the International Energy Agency. Such predictions are largely based on the recent advancements that have taken place in the oil and gas industry in Texas.
- Boom in Production – In the past five years, the Eagle Ford Shale region in Texas has quickly become one of the most talked-about oil reserves in the world. While at one time, oil production in Eagle Ford was almost non-existent, today the region produces nearly 300,000 barrels daily. That, on its own, would be stunning enough. However, Eagle Ford is not the only region in Texas that is reaching phenomenal production levels. The state is now dotted with newly-discovered shale plays that could quickly help Texas regain its reputation as one of the largest oil producers in the world, while simultaneously improving the future of energy in America as a whole.
- Best of Both Worlds – Much of the production activity in Texas is due to groundbreaking drilling techniques that have made it possible for oil reserves, which were previously believed to be too cost-prohibitive, to now be extracted in an economical manner. Although the potential for tapping into such reserves in other areas of the country is certainly present, the massive infrastructure that already exists in Texas has made it much more feasible to access the potential of these fields. The combined expertise and manpower, along with close proximity to oil refineries and the Gulf of Mexico, has made Texas the ideal location for such growth.
- Abundance of Natural Gas – While the increased output of oil production in the state has certainly been surprising, Texas has also witnessed a natural gas boom as a result of the same revolutionary drilling technology. Due to the abundance of inexpensive natural gas in Texas, it’s now used as a primary fuel for the electricity grid across the state.
- Benefits for Consumers – The turnaround in the oil and gas industry brings a greatly needed boost to the U.S. job market. What’s more, thanks to the high production output from the newly-discovered shale plays in Texas, cheaper energy prices could mean greater electricity savings for consumers.
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