Oil boom in the Midland area is heading east

POSTED: 10:16 PM Dec 17 2012   UPDATED: 7:26 AM Dec 18 2012
Oil Rig
MIDLAND, Texas -

The Cline Shale formation stretches 140 miles and the majority of it lies in the Big Country. Some researchers said it may be the biggest cluster of oil fields in the world.   

Research has shown that the Cline Shale formation contains up to 3-point-six million barrels of oil per square mile. That’s a total of 30-billion barrels of oil.

The oil boom in Midland is having a major effect on the economy in the Midland-Odessa area. The unemployment rate has gone down more than one percent over the last year and the average price for a house has increased $30,000.

"It’s crazy. Housing is expensive, traffic is terrible, it's just a little bit overwhelming," said Wes Perry, the mayor of Midland.      

Victoria Printz is a realtor in Midland. She said this is the biggest boom in the housing market she's seen in 17 years.

"There are a lot of new homes built and they are sold before they're being finished… the apartments have long wait lists, rentals have skyrocketed, the price of rentals in Midland is really high," said Printz.    

Printz said right now there is a one year wait to build a new home and in the meantime many people working in the oilfields are living in hotels.

Keith Dial is the general manager of the Doubletree in Midland. He said people have come from as far away as China to work in the oil fields and his hotel is so busy he has to turn people away during the week.

"We’ve got 18 months of record breaking numbers each month," said Dial.