The Perryman Group was recently asked to examine the potential economic benefits of statewide competition in the Florida electric power market. Outcomes in other areas which have increased competition (fully adjusted for Florida economic and demographic patterns) were used as a basis for estimating the potential benefits.
There is an effort across Texas to create a large battery storage capacity, which Dr. Perryman says is very important as we look to our energy future.
It happened half a world away, but the drone strike that hit a Saudi Arabian oil facility will mean drivers could soon see the price of a gallon of gas go up.
President Trump's order to repeal the Clean Power Plan won't revive the coal industry. In fact, Dr. Perryman says the markets decided on gas and clean energy.
Dr. Perryman says he is seeing a greater role for renewable energy in our overall strategy for greater energy independence, but says it won't be happening anytime soon.
Dr. Perryman says he is seeing a greater role for renewable energy in our overall strategy for greater energy independence, but it won't be happening any time soon.
As we saw in the Texas Workforce Commission's June jobs report, the Texas energy sector continues to put a strain on job creation, but Dr. Perryman sees some reason for optimism.
Earlier this month, oil facilities in Saudi Arabia were attacked, knocking a large portion of production (about 5% of the world's daily supply) offline. However, rather than a market-roiling, global crisis, the result was a modest increase in oil prices. A decade or so ago, the scenario would have been totally different and, back in 1973, a smaller reduction precipitated an eight-year "energy crisis," complete with gasoline lines, oil export bans, 55-mile-per-hour speed limits, turning our thermostats down, and daylight savings time. The reason? The recent revolution in US oil production and, in particular, the surge now going on in the Permian Basin, where about two-thirds of incremental domestic output is occurring.
We estimate that the Texas oil and gas business and related industries generate nearly two million jobs around Texas when multiplier effects are considered (as described in a recent column). The energy sector includes oil and natural gas exploration and drilling, as well as the industries required to produce, transport, transform, and deliver it to markets throughout the world.
The Texas economy has added 190,600 jobs over the past year, and employment has risen in 16 of the past 17 months. Last month, nine of the 11 industry groups tracked by the Texas Workforce Commission added jobs. All of this occurred despite the end (at least for now) of a major oil surge.