Texas set to pass Iraq, Iran as world's third-largest oil producer

Texas's oil industry is set to surpass Iraq and Iran to become the third-largest oil producing region in the world, behind only Russia and Saudi Arabia.

CNN Money reports that HSBC Bank predicted in a recent report that the state's explosive growth in oil production over the last two years could result in Texas passing the two Organization of the Petroleum Exporting Countries (OPEC) members as oil prices rise around the world.

The Hill
CNN Money link in The Hill article

I just have one question...

When are we invading Texas?

Seriously though, this is great news. Now if only we could get Europe to get on board with buying some energy from us instead of Russia. Sure it's easier to get it via pipeline, but we have these things called ships that have been around for thousands of years. We can get you oil, LNG, whatever you need. And if Russia is such a threat, wouldn't it be a good idea to stop propping up their economy and enabling them to spend more money on their military? Just sayin'.

Either way, this is great for our economy, energy independence, and national security.

originally posted by: face23785

I just have one question...

When are we invading Texas?

You wanna get shot in the face? Because that's how you get shot in the face.

When are we invading Texas?

As a born Texan, sir you should frightfully be asking when Texas will invade you..... We like your women and your sports cars... You've been warned....

originally posted by: CrawlingChaos

When are we invading Texas?

As a born Texan, sir you should frightfully be asking when Texas will invade you..... We like your women and your sports cars... You've been warned....

I mean, I'm all the way up in PA, so it'll take ya a while to get here. Hell, back in the 90s they said the killer bees were coming and I still haven't seen one...

originally posted by: face23785

originally posted by: CrawlingChaos

When are we invading Texas?

As a born Texan, sir you should frightfully be asking when Texas will invade you..... We like your women and your sports cars... You've been warned....

I mean, I'm all the way up in PA, so it'll take ya a while to get here. Hell, back in the 90s they said the killer bees were coming and I still haven't seen one...

That's how damn good, they are...

You'll hear the buzz just before the deathstrike….

LOL! Enjoy passing Iraq, Texas. Enjoy it the same way we here in Alaska enjoy the fact that Texas will always be the second largest state in the Union.

When are we invading Texas?

Illegal immigrants already beat you to it.

a reply to: face23785

Sounds like Texas need some freedom!

a reply to: face23785

I'm in Stanton right now and just went past two or three new wells being drilled. There's a stretch by Midland where there are 7 new wells, all right beside each other, along with new ones scattered in one and two. They found a massive field in the Permian Basin recently.

a reply to: face23785

There are issues with selling our crude, mostly refinery related. Long story short: 2 different types of crude...sweet light and sour. Most oil in the US is sweet light (if i recall), but our refining capacity is for sour.

If Europe doesn't have the right refining capacity, they will not have an ability to make use of our oil.

originally posted by: Zaphod58
a reply to: face23785

I'm in Stanton right now and just went past two or three new wells being drilled. There's a stretch by Midland where there are 7 new wells, all right beside each other, along with new ones scattered in one and two. They found a massive field in the Permian Basin recently.

Damn.

Had i not moved, I could drive over and see you.

a reply to: bigfatfurrytexan

We finally got a sweet run. Pick up in Dallas at night, gives us a day and a half to get to California, pick up in California early the morning we deliver, back to Dallas the next day (for example, pick up at 9pm Monday, we have until 4pm Wednesday to get there, but even with sitting a few hours we get there about 4am Wednesday, pick up at the same place at 6am, deliver that back to Dallas by 12pm Thursday, pick up Thursday night at 9pm).

It's insane watching the new storage tanks and rigs being built as fast as they can get them done. The oil industry is booming right now.

a reply to: burdman30ott6

But we stole Alaska from Russia.

originally posted by: neo96
a reply to: burdman30ott6

But we stole Alaska from Russia.

...Well, Texas was technically stolen from the Mexicans.
*duck, cover, and quickly exits*

originally posted by: burdman30ott6

originally posted by: neo96
a reply to: burdman30ott6

But we stole Alaska from Russia.

...Well, Texas was technically stolen from the Mexicans.
*duck, cover, and quickly exits*

In all fairness Iraq's infrastructure regarding oil is in shambles or struggling.
If it had a stable government again I'm sure it could pump out tons of oil.

a reply to: strongfp

Which wouldn't make a difference. Over the next few years the Permian Basin is predicted to become the largest oil field in the world. They were supposed to hit 3.18 million barrels a day in May, and keep increasing that. By 2023 they could be up to 4 million.

I remember hearing somewhere that Wyoming and Colorado actually had massive oil reserves and many of the wells had been drilled and produced for many years at extremely high rates but when prices fell to very low numbers they capped them and they've been capped ever since. IIRC they should be able to produce very high volumes if they were needed, IDK if the equipment is still there, but it would seem that uncapping a well and pumping again would be much easier than looking for new wells.

It makes sense to cap some high producing wells if there is still other oil to be found as later, if wells run dry or they are difficult to find, they can come back and pump again, so its like saving for a rainy day. Maybe it has to do with national defense and/or energy security for the nation. I think there were also wells in PA and Ohio that are in a similar situation.

originally posted by: bigfatfurrytexan
a reply to: face23785

There are issues with selling our crude, mostly refinery related. Long story short: 2 different types of crude...sweet light and sour. Most oil in the US is sweet light (if i recall), but our refining capacity is for sour.

If Europe doesn't have the right refining capacity, they will not have an ability to make use of our oil.

This might be a stupid question but I don't know anything about the oil industry so forgive me:

Can't they just build the right kind of refineries? Or we could so we could sell them the refined product?

originally posted by: strongfp
In all fairness Iraq's infrastructure regarding oil is in shambles or struggling.
If it had a stable government again I'm sure it could pump out tons of oil.

But, but... we invaded Iraq for oil right?

No, I don't really believe that.