Commissioner Christi Craddick Says Texas Oil on the Rise
AUSTIN - Wednesday, the Railroad Commission released production numbers indicating Texas is producing almost 1.5 million barrels of oil per day – a nearly 50 percent increase in crude oil production since 2011. Texas now represents almost a fourth of total crude oil produced in the United States.
“It’s exciting,” said Railroad Commissioner Christi Craddick to members of the Texas Independent Producers and Royalty Owners Association at its annual meeting in Austin on Tuesday.
“It’s evident not just in the production numbers, but in the jobs that are being created and the taxes this industry contributes to our state’s coffers. Last year, oil and gas energy sectors were responsible for 427,761 jobs in Texas and the industry paid $9.25 billion in state taxes in 2011,” Craddick said.
“We are finding new resources with innovative technology and pioneering techniques. I think we have the potential to fulfill our energy needs in North America, so we can stop relying on unfriendly nations for oil. The shale plays being discovered in this state are tremendous. We are experiencing a climate that has created a real potential for a shift in global energy dynamics, and I am excited that Texas is playing a major role.”
With increased oil production through technological developments within the industry and the wealth of discovery in shale gas in Texas, U.S. energy independence grows closer to a reality, Commissioner Craddick said.
“Today, the United States consumes almost 18.5 million barrels of oil per day and imports approximately 12 million barrels a day. Some forecasters predict crude oil and petroleum imports may drop to 6 million barrels per day by 2014. We are not only producing more hydrocarbons, we are also consuming less oil, and we are finding new ways to use the abundant energy resources we have.”
Christi Craddick was elected statewide by the people of Texas in November 2012 to serve a six-year term as Texas Railroad Commissioner.A native of Midland, Christi is an attorney specializing in oil and gas, water, tax issues, electric deregulation and environmental policy.