The Heat might have beaten our Spurs, but the oil & gas industry is still better in Texas. I hope these facts help everyone in the oilfield get over the loss last night:
- Texas has counties that produce more oil than Florida
- Texas produces more than 2 Million barrels of oil per day and Florida produces a measly 6,000 barrels per day
- Texas has 846 oil & gas rigs running and Florida has 1.....just one
If you're not a basketball fan, you'll still enjoy this video from the EIA showing how much oil production has grown in the past 30 years:
North American average annual production, which dipped to 10.4 million bbl/d in 2008, climbed to 12.2 million bbl/d by 2012. The rise in production was largely the result of rising production in tight oil formations like the Eagle Ford.
Worldwide oil production set a record in 2012 at 75.6 million b/d.