Texas Is Set to Join World’s Largest Oil Producers’ League
Barry Smitherman, the Chairman for the Texas Railroad Commission, has said that the number of drilling permit applications being submitted in the lone star state have reached their highest level in 30 years, and that production is continuing to rise to near record levels, putting Texas on track to become one of the largest oil producers in the world before 2020. ”This year we are likely to issue more drilling permits for oil than we have since 1985.”
Fuel Fix performed a review of the drilling permit applications submitted and found that during the first eight months of 2013 the number of applications is 18 percent higher than in 2012. Smitherman says that this increasing number of permits has already seen daily oil production in Texas surpass 1.8 million barrels, and will likely move onto 3 million barrels a day in 2017, and 4 million a day in 2020.
Smitherman also commented that, ”If we got to 3 million or 4 million barrels per day, we suddenly are in the club of the biggest producers in the world.” The top crude oil producer in the world at the moment is Russia, producing 10.73 million barrels a day (12.65 percent of world production). Producing 3 million barrels a day would make Texas the ninth largest producer, behind Russia, Saudi Arabia, US, Iran, China, Canada, Iraq, and the UAE.