A report says the energy sector is fueling the Texas economy

The Texas economy is humming along, as is the national economy. But Texas has something many states don't -- a powerful energy sector.

Texas economist Dr. Ray Perryman says oil and gas producers are a major reason we're doing so well.

"You look at all the upstream, midstream, downstream uses and all the effects they have on supply chains, consumers, and everything else, you're talking about one out of every six jobs in Texas, you're talking about $200-billion in gross product."

Dr. Perryman says we're in the midst of an oil boom.

"In the entire history of Texas, we hit our production record back in 1973 at 2.2 million barrels a day and then it fell all the way down to 700,000; we've blown through that in the last ten years and we're now producing over four million barrels a day, so double what we've ever produced in history."

Dr. Perryman says there's a future threat from electric vehicles, but for now the energy sector is responsible for two million Texas jobs and $200-billion worth of gross product.

 
 

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