July 8, 2019 Comments Off on The Economic Realities of the Texas Oil Boom Views: 1144 Texas News, Top Texas

Texas has been inexorably linked to that of oil and natural gas, ever since Spindletop Hill, in southeast Texas, began spouting enormous amounts of oil at the dawn of the 20th century.

More than a century later, Texas economist Ray Perryman examined the impact of oil and natural gas on the Lone Star State’s economy. Perryman and his associates estimate that the energy sector directly or indirectly supports about one of every six Texas jobs. Breaking that into numbers:

Total expenditures: $557.4 billion

Gross product: $198.8 billion

Personal income: $120.6 billion

Total jobs: 1.9 million

In determining the above, Perryman measured the total economic impact of the sector, including supply chain ripple effects and impact on consumer spending. With the Permian Basin and other parts of Texas creating what Perryman dubbed “a global transformation of petroleum markets,” he noted that oil and gas would continue boosting the state’s economic expansion and opportunity.

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Tags: Economy, Employment, Research

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The Economic Realities of the Texas Oil Boom

Amy Wolff Sorter