Happy Days are here again for Houston's Energy Sector


Thanks to shale oil production the U.S. is producing more than ten million barrels per day for the first time since 1970.

Energy industry analyst Phil Flynn says OPEC tried to put the shale producers out of business.

"They did beat 'em, they bloodied 'em but they didn't kill 'em and they became more efficient."

Flynn says oil prices should remain high for the foreseeable future and that's great news for the Houston economy.

"Gas prices are going up, if you heat your home with heating oil it's going up, if you're a trucker you know for sure diesel is going up.  Really, this boom in U.S. energy production couldn't have come at a better time."

Oil prices are at their highest since 2014.

"I think a good 2018, 2019 maybe even 2020. I think the good times are back for oil, as long as the U.S. economy continues to go at this pace, which it probably will for some time, I think it's going to be a good time for energy producers."

With oil prices above 60-dollars a barrel Houston energy producers can increase their work and that means workers will buy homes and spend a lot more money in the Houston area.


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