Texas Now Earth’s Third Most Prolific Oil Producer, Behind Only Russia and Saudi Arabia
The state of Texas has now truly become a global oil superpower.
As CNN Money reports, the Lone Star State has now passed Iran and Iraq to become the third largest producer of crude on the planet. Only Russia and Saudi Arabia now produce more oil than the state of Texas.
The explosion in Texas energy came after drilling prices plunged, which led to a modern-day black-gold rush in the Permian Basin. Huge oil deposits have been discovered in the Permian, leading some oil experts to conjecture that the west Texas oilfield holds as much crude as Saudi Arabia's Ghawar Field, which is the world's largest conventional oil deposit.
Texas has also cracked the code on fracking, meaning that profits can be made when oil prices are as low as $40 per barrel.