The editorial board of the Dallas Morning News recently focused on the importance of the recent surge of oil and gas production in Texas. The board pointed out that it was not just about where Texas production ranks globally, but the impact of Texas technology on society:
“If Texas were a country (it’s not, we know, but stay with us), it would be among the top 10 oil producers in the world. And in the next year or so, Texas could be among the top five, surpassing Iran and Iraq. This data isn’t just about bragging rights. The growth means that technology developed partly here in Texas is expanding the supply of a fuel that is crucial to modern human life and keeping the price of that fuel relatively steady. As the use of this technology spreads, it could mean independence and greater freedom for some regions of the world.”
The technology they are referencing is the combination of hydraulic fracturing and horizontal drilling that have caused the recent oil and natural gas booms in Texas. The editorial went on to highlight the geopolitical benefits these technologies have brought about:
“The global balance of power is shifting thanks to fracking. The U.S. doesn’t have to depend on OPEC countries, for oil supply or to keep oil prices steady. And we don’t have to be entirely energy independent to achieve this freedom from undue influence from the world’s oil regimes. In other parts of the world where fracking is possible — for example, Europe — regions could also cut their fealty to major oil-producing countries, such as Russia.”
Ethan Bellamy, an energy analyst at Robert W. Baird & Co. summarized the central role Texas now plays in global energy politics:
“West Texas is the new Rome. All roads in the energy empire lead to the Permian Basin.”
