Economy

Texas sized increase in oil drilling could spark US renaissance

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Photo credit: Stuart Seeger, CC by 2.0

Photo credit: Stuart Seeger, CC by 2.0

With Barack Obama gone and the EPA soon to be in the hands of a pro-American realist, America is primed for a jobs boom — and Texas is lighting the fuse.

The number of new oil and gas drilling permits in January 2017 was 80 percent higher than the number in January 2016.

“In January, the (Texas) Railroad Commission issued 956 original drilling permits, compared with 510 in January 2016. Nearly all of those were for new oil or gas wells,” UPI reports.

The Texas Railroad Commission is the powerful state agency which regulates the oil and gas industry, having adapted its original mission of regulating railroads.

Half of all the oil and natural gas produced in the U.S. comes from Texas.

Along with a pro-jobs regulatory climate coming from Washington, a drop in oil production from the Middle East is creating increased demand for American oil.

With permits and drilling on the rise, oil and gas production will pick up over the coming months.

That means jobs across the United States, as increased hiring in the energy sector creates increased hiring in industries serving the energy sector, which creates increases hiring in industries serving that sector.

It also helps the U.S. outpace other oil-producing rivals, such as Russia, China, Brazil and Venezuela, giving America more leverage in trade, military and foreign policy negotiations.

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