Oil and Gas Facts – #QuickFacts

Of all of the horizontal wells that have been drilled in the last five years, 99% are in the United States. Of all the wells that have ever been drilled, three quarters are in the United States.
Source: Peter Zeihan

The exponential increase in Texas oil output over roughly the last three years has completely reversed the previous 23-year decline in the state’s oil production that took place from 1986 to 2009.
Source: AEI Ideas

In mid-2009, Texas was producing less than 20% of America’s domestic crude oil. The recent gusher of unconventional oil being produced in the Eagle Ford Shale and Permian Basin areas of Texas, thanks to breakthrough drilling technologies, has recently pushed the Lone Star State’s share of domestic crude oil above 30%.
Source: AEI Ideas

At the current rate of increase in crude oil output in Texas, the state is on track to possibly produce almost 3 million barrels of oil per day by the end of 2013, which could move the state all the way up to No. 8 in the world for oil output by December.
Source: AEI

In 2012, almost 1,500 new jobs were created in the Lone Stare State each business day, and many of those jobs were directly or indirectly related to the state’s booming oil and gas industry.
Source: AEI Ideas

If Texas were a country it would be one of the top 15 largest oil producers in the world, on a par with the likes of OPEC members Venezuela, Kuwait, and Nigeria.
Source: oilprice.com

Oil was first detected in Texas in 1543 when Spanish explorers saw oil floating on the water in the Galveston Bay, near Port Arthur, Texas. The first economically significant oil discovery in Texas did not happen for another 300 years.
Source: Texas Almanac

No discovery had as great an impact on Texas’ oil production than the discovery of oil at the Spindletop well located south of Beaumont. Spindletop brought in over 17 million barrels of oil in 1902 alone.
Source: Texas Almanac

Oil production in the Lone Star State has more than doubled in less than three years, from 1.142 million bpd in July 2010 to 2.295 million bpd in February 2013.
Source: AEI Ideas