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Texas smashes 45 years of oil by pumping 1.5 billion barrels in 2018



Texas, the slate boom epicenter, is gushing with oil.

Production in Lone Star State increased by 22% to 1.54 billion barrels in 2018, according to a report published Tuesday by the Texas Independent Producers and Royalty Owners Association.

It destroys the previous Texas record of 1.28 billion barrels set in 1973.

The tip of Texas' oil production has been driven by Permian Basin shale's Hotbed is located in West Texas and New Mexico. Rapid technological improvements in drilling have morphed Permian into one of the world's largest and most important oil fields.

It has been a blessing to the Texas economy. The report said the oil and gas industry supported a total of 352,371

direct jobs in Texas last year, up 26706 from 2017. And these jobs pay "extremely well" with an average annual salary of $ 130,706 – more than doubling the state's average private sector wages.


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