Drill baby, drill

It's a gold rush in west Texas, a black gold rush, that is; Texas tea. The shale oil boom has created one of the hottest job markets in the country.

Oil and gas expert Jay Young says there are barbers making $180,000 a year.

"It's booming out there right now and the reason it's booming is because everybody's drilling for oil and gas."

Young says drill baby, drill is making a lot of Texans rich

"If one company says 'we have one rig running' that's a hundred million dollars they're spending in one year, for one rig; and there's hundreds."

Young says it may get even better. He says we need about ten million barrels of oil more each day than we produce and some drillers are determined to make up that gap.

"We're short ten million; I don't think that we'll ever get up to a number to where we're getting 20 to 25 million a day in production. But there are some people saying that in ten years, we could be there."

This week Exxon raised its production forecast for Texas and New Mexico. By 2024 Exxon expects to produce the equivalent of more than a million barrels of oil per day in the basin, up from a previous forecast of 600,000 barrels by 2025.

 
 

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