Texas Continues To Lead The Shale Oil & Gas Revolution, But other states, even California, are join

Forbes ^ | 10/08/2013 | David Blackmon

[thackney]

Almost lost in all the news about the federal government “shutdown” (which has somehow left 83% of the government funded and functioning) over the last week are several new reports regarding the ongoing massive oil and natural gas Shale Revolution in the United States,

First is a new projection from the US Energy Information Agency showing that the United States will likely become the world’s largest producer of petroleum products and natural gas hydrocarbons in 2013.

Next is this report about the Eagle Ford shale, detailing that this play a) could become the largest onshore oil reserve ever discovered in the United States; b) that it is the fastest growing oil play on the face of the earth; c) that it produces very high quality, highly valuable crude oil; d) that drilling costs in the play are rapidly falling; and e) that the play is the hottest economic development area in the world. All happening in my old home area of South Texas.

Third is this story in which current Railroad Commission Chairman Barry Smitherman details the fact that oil production (excluding condensate) in Texas has now surpassed 1.8 million barrels per day, and is on a pace to hit 3 million BOPD by 2017 and 4 million BOPD by 2020. The Eagle Ford alone is now at 657,000 BOPD and will likely jump above 900,000 BOPD in 2014. And the revitalized Permian Basin region, home to several different prolific oil shale plays, is already producing about 900,000 BOPD, and rising.

Finally, you have this report detailing one of many happy results for Texas in all of this: a flush Rainy Day Fund, which happens to be funded by the oil and natural gas severance tax. This happy situation has already enabled the Texas Legislature to allocate additional $2 billion...

[thackney]

excerpted for Forbes content

[dandiegirl]

As long as the lefties don’t get in there and elect abortion queen Wendy Davis Texas is good.

[henkster]

My niece’s husband sells drilling mud and other related products down in Eagle Ford. He’s on the go all the time. In August, we went to a nephew’s wedding in Victoria, TX, which is in the Eagle Ford area. Good thing we booked the hotel for Friday and Saturday; there were no rooms available during the week, and the rates were 50% higher for weekly as opposed to the weekend.

Yes, it’s booming down there.

[ckilmer]

Next is this report about the Eagle Ford shale, detailing that this play a) could become the largest onshore oil reserve ever discovered in the United States;
.........
I don’t get this. All indications are that the permian basin is an order of magnitude or more larger than the eagle ford.

[thackney]

The Permian Basin is several plays in one geographical area.