Gas and Oil Industries Prove to Be Gifts to Texas Economy

The Texas oil boom has had a strongly positive effect on the economy at large.

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Oil and gas companies have given plenty of cheer to the economy in Texas.

(PRWEB) December 27, 2013

In the Netherlands, children are brought presents by St. Nicholas. In Russia, it's "Grandfather Frost" who doles out the goodies. In most of America, nice kids get a visit from the generous and venerable Santa Claus.

In Texas, though? It's oil and natural gas companies that are behind a marked uptick in seasonal cheer.

A recent budget report released by the Texas Comptroller's office has the details, and they're universally positive. Despite the lingering effect of the recession, the state has recovered 100 percent of the jobs it had lost. Not only that, it's even added jobs from its previous peak, gaining some 597,000 over the former high set in 2008. The cause behind these optimistic holiday tidings? Improvements in the oil and gas industries.

Between better oil drilling fluid and reduced flare gas waste, companies who drill wells in the Lone Star state have received some awfully effective new presents. And, in the true spirit of the season, they used them to give back to others: contributing over $2 billion more than expected in tax revenues, which has led to a surplus of more than $2.6 billion. By comparison, that figure was expected to be under $1 billion, a difference that is largely -- if not wholly -- attributable to advancements in the way companies are able to collect natural resources.

These additional funds give the state's legislature much more flexibility in pursuing projects going forward. After large water and infrastructure projects, officials had concerns that Texas's "Rainy Day Fund", which relies on tax revenues, would go dry, forcing them into tough decisions. The new windfall helps to allay those concerns, and allows them to look forward to more initiatives that can help people throughout the state.

The employment figures are also positive. By supporting oil drilling companies, Texas has managed to inure itself from the worst of the recession, and is now in a position to bounce back strongly in ways that other states have struggled to. It's not just the energy companies themselves that are adding jobs: related industries like petrochemicals, plastics and fertilizers are also able to add positions, strengthened by reliable access to valuable resources. These positions are well-compensated and offer advancement opportunities in exciting fields.

There are also jobs to be found in the newfound infrastructures being built around Texas. Huge rail terminals have gone up in Three Rivers and Cotulla, and public works are currently underway in the Eagle Ford region and West Texas.

Companies haven't forgotten about Mother Earth, either. The proliferation of environmentally-friendly drilling mud represents a dedicated effort to be aware of the effects drilling has, and to make sure that any negative issues are mitigated or erased completely. In addition, modern wells are much less intrusive and noticeable to local residents.

Considering how favorable the outlook for the industry is in Texas -- the state looks set to surpass OPEC members in daily production next year -- this oil boom might just be the gift that keeps on giving. At Rapid Drilling and throughout the Enersciences family of companies, we're proud to be part of this tradition.