TXOGA president discusses Texas oil industry and Hurricane Harve

TXOGA president discusses Texas oil industry and Hurricane Harvey

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LUBBOCK, Texas -

The Texas Tech University School of Law hosted Todd Staples, president of the Texas Oil & Natural Gas Association (TXOGA), in the first installment of its Energy Law Lecture Series for the fall semester.

Staples said the nation's energy dominance starts in Texas.

The state's economy is the tenth largest in the world and last year, half the oil rigs in the U.S. were operating in Texas.

Over the next five years, dollars going into drilling and developing wells is expected to increase by 400 percent from $8 billion in 2016 to more than $40 billion in 2021. 

Specifically for West Texas, the Permian Basin is a powerhouse for oil and gas. It accounts for 45 percent of total onshore oil production in the lower 48 states and half of all active onshore oil rigs in the U.S.

"In the next few years we will be a clear and distinct net energy exporter," Staples said. "Our nations energy security is at a higher level than its ever been because of productivity oil and gas. U.S. energy dominance really does start in Texas."

According to the Texas Workforce Commission, Texas added 3,600 upstream jobs in July, marking the 10th consecutive month of job growth. 

Staples also addressed Hurricane Harvey's affects on the oil and gas industry. He said the event was a glimpse into what life would be like without it.

Harvey hit south of Corpus all the way up through Port Arthur. An excess of 20 percent of the nation's refining capacity went offline with pipelines underwater.

Staples said the refineries' have precise procedures in place to take the units on and offline.

"And by working together and working to get a product in from regions of our nation, the impact was very minimal compared to the level of devastating impact that occurred," Staples said.

Staples said Harvey's impact on the oil and gas industry was greater than Katrina, Rita or Ike.

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