By the end of the year the State of Texas should pass oil production of both Iran and Iraq. Talk about turn of events no one expected ten years ago.
Drilling in the United States hit a new record this week. 1,562 active rigs are working fields in the U.S. That’s the highest number since Baker Hughes began counting oil rigs by themselves in 1987.
America, is now expected to pass Saudi Arabia next year and become the largest oil producer in the world.
On a state level though, if you wondered why the Texas economy was doing so well, here's a big reason: Of those fifteen hundred U.S. rigs, 900 are in Texas. Of those 1,500 U.S. rigs almost 600 of them are working the Permian Basin.
The Eagle Ford, south of San Antonio, has another 213 rigs.
Get this: If Texas was its own country, and in OPEC, it would be the second biggest oil producing nation of the 12.