Wednesday, July 24, 2019
Home Business Texas shatters the oil record for 45 years by pumping 1.5 billion...

Texas shatters the oil record for 45 years by pumping 1.5 billion barrels in 2018

Texas, the epicenter of the slate boom, is bubbling with oil.

Production at the Lone Star State rose 22% to 1.54 billion barrels In 2018, according to a Texas Independent Producers and Royalty Owners Association report released on Tuesday.

This breaks the previous Texas record of 1.28 billion barrels set in 1973.

The forefront of Texas oil production was from the Permian basin, the slate hatchery in West Texas and New Mexico. Rapid technological improvements in drilling have made the Perm one of the largest and most important oil fields in the world.

It's a boon to the Texas economy. The report said that the oil and gas industry supported a total of 352,371 direct jobs in Texas last year, up 26,706 from 2017. And these jobs are paying off "extremely well" Average annual salary of 130,706 US dollars – more than twice the average state salary in the private sector.


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