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There’s a Reason They Call Oil ‘Texas Tea’

Oil-production-graphOr maybe it was just Jed Clampett that called it that.

Regardless, look at that graph above. That’s how much Texas oil production has been booming over the last several years, according to FuelFix (a site manned by Houston Chronicle reporters).

In March, Texas oil reached its highest level since 1984. If we were an independent country, we’d be the 15th-largest oil producer in the world.

Texas’ oil output has doubled in less than three years, putting it in the ranks of OPEC heavy-hitters like Venezuela, Kuwait and Nigeria.

The oil boom has created housing shortages across Texas and New Mexico. And one developer wants to capitalize on the surge by erecting Texas’ sixth tallest skyscraper, which would be called Energy Tower, in a West Texas boomtown. It would be twice as tall as any nearby buildings in the town of 115,000 residents.

Drilling activity suggests the boom will continue. There are 835 drilling rigs at work in Texas — about 25 percent of all rigs in the world, according to the latest Baker Hughes rig count.

So, umm, how much credit does Governor Perry deserve for Texas’ economic strength?