CNN: Texas to pass Iraq and Iran as world's No. 3 oil powerhouse
Don't mess with Texas. It's a global oil superpower.
The shale oil boom has brought a gold rush mentality to the Lone Star State, which is home to not one but two massive oilfields.
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.
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WNU Editor: No one thought this was possible just 5 years ago. It always amazes me on how advances in technology and engineering can change everything in a very short period of time.
3 comments:
WNU: and that's just the beginning!
What did the prior White House occupant say about drilling, gas prices, etc?
"No one thought this was possible five years ago." I've always advocated drilling for more of our own oil and developing the refining capacity to process it. It is my considered opinion that post 911 this would have added more value to our country in terms of our national security and economic interests than anything else we have done.
The key word I used here was "leverage" as in this would allow us more leverage in negotiating with foreign suppliers. Never in my wildest dreams did I ever think we could be a major participant in the world energy market nor did I ever envision we might actually be energy independent. Again, the key word was "leverage" in negotiating with foreign suppliers.
Fracking has the potential to make America a major world power. We might even be able to become the most powerful nation on earth. As to making America great, that would be something!!
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