Texas’s crude oil output inched up in August to 2.4 million barrels per day. Analysts say this is the sign of a continuing—if hesitant—recovery in the Lone Star State.
All told, Texas is producing .5 percent more oil this year than last year. As a West Texas rigger might say, .5 ain’t much, but it’s somethin’.
According to oilprice.com,oil production in Texas over the last 12 months has now reached 1 billion barrels. The Federal Reserve Bank is reporting that optimism in in the energy sector is improving. Prices have risen, if reluctantly, on the international scene too.
As it stands right now, West Texas’s Permian Basin is attracting more investors than any other shale region in the country. Much of the area’s popularity can be attributed to low production costs there.