Development of oil and natural gas in the Eagle Ford Shale added more than $61 billion in total economic impact during 2012, according to a study released today by the Center for Community and Business Research in The University of Texas at San Antonio Institute for Economic Development. In addition, the region supported 116,000 full-time jobs for workers in oil and gas, drilling, support operations, pipeline construction, refineries and petrochemicals. [Read more…]
Benefits of the Eagle Ford Shale reach much farther than the drilling rigs. Corpus Christi is realizing a 12% increase in tax revenues year over year and areas in the heart of development are seeing increases several times greater.
George West in Live Oak County, for example, received a monthly allocation of more than $57,000, which is 56 percent higher than December 2010’s payment.
Through the December payment, George West is up 54 percent with more than $616,000, figures show.
Beeville‘s monthly allocation increased about 40 percent over December 2010, and the city is up 26 percent in collections with about $3.4 million.
Alice, away from the heart of drilling activity in Jim Wells County, continues to enjoy the retail and other side benefits of drilling as hotels are built and stores expand.
Alice’s allocations top $15.3 million, which is 44 percent higher than by the same time in 2010.
Read more at caller.com
Cuero has grown from the Turkey Capital into a booming oil town. The town of Cuero welcomed the oil & gas industry and has seen several major oil companies open regional offices in the city. Tax revenues have grown more than 30% year over year and for the first time in many years “bonds” aren’t the answer to building needs.
Four years ago, Cuero was a community where everybody knew everybody, most people made their money in ranching or farming, and most of the children left as soon as they could.
Then everything changed. Although turkey production had left years ago, the town was still the county seat of one of the top cattle producers in the state and prospered compared with most small Texas towns. [Read more…]