Texas to become third largest oil producing region

Texas to become third largest oil producing region

Posted: Updated:
LUBBOCK, Texas -

Texas is set to surpass Iraq and Iran as the third largest oil producing region in the world according to Hong Kong and Shanghai Banking Corporation.

Drilling costs are sparking production in the Permian Basin. Texas is pumping so much oil it is expected to surpass OPEC members next year.

The report indicates if Texas was its own country it will would be the third oil producer in the world behind only Russia and Saudia Arabia. 

"We are blessed with agricultural and energy independence, west Texas is making a tremendous contribution in our country in that regard and we don't want to over regulate in that space and we don't want to over tax. The free market competition is working and that is why America is in the position we are in, again west Texas is leading the way," Congressman Jodey Arrington said.

The HSBC report indicates the combined output of the Permian Basin and Eagle Ford down south is expected to be $5.6 million barrels per day in 2019. 
 

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