Midland stands at the epicenter of an economic phenomenon of global importance which has created an enormous opportunity for the area. With proactive efforts, Midland can prepare for the challenges ahead and ensure the opportunities associated with oil and gas and related activity benefit the full community.
Recent advances such as hydraulic fracturing, horizontal drilling, as well as new discoveries, increased exports, and infrastructure improvements will lead to less volatility, larger scale drilling programs, increased cycle times, and a larger permanent workforce and population. These changes and their associated spin-off effects will lead to myriad economic benefits, including increased output (real gross product), greater personal income, new (and higher paying) jobs, additional retail sales, and enhanced tax revenues. The resulting growth brings enormous potential benefits, but also has profound implications for housing, infrastructure, education, health & wellness, and quality of place. Proactive efforts to prepare for the coming growth can position the area to emerge stronger and more prosperous in the future.
The newest numbers on oil reserves in the Permian Basin are in, and Dr. Perryman says they are staggering.
It now appears the Permian Basin will be the largest oil and gas field in history. Dr. Perryman says by 2020, the Permian will produce seven to eight million barrels per day.
The latest numbers on oil production reveal the US is now producing 12 million barrels of oil per day, and Dr. Perryman says Texas is at the forefront.
The oil patch is again showing signs of life, and Dr. Perryman sees a number of reasons to be optimistic about the effect it will have on the state's economy.
Exxon Mobil says it's purchasing the Bass interest in the Permian Basin for a whopping $7 billion. Dr. Perryman says this is a clear signal.
GE and Baker Hughes are joining their oil and gas businesses to create a powerful player in the energy sector. Dr. Perryman takes a look at what it means.
Dr. Perryman says the massive discovery in the Permian Basin that could yield three billion barrels of oil is just the most recent chapter in the region's storied history.
Dr. Perryman noticed something unusual inside the Texas Workforce Commission's August jobs report, and it could signal a comeback for one troubled industry.