Texas is at the epicenter of the fracking boom and an increase in domestic oil production as the following chart shows:
With domestic production up, imports have dropped quite a bit as these charts from FT Alphaville show:
According to the Carpe Diem Blog:
More than one-third of the state’s increase in oil output over the last three years has come from the Eagle Ford Shale oil field in South-central Texas, which has gone from an insignificant production in 2009 to the single-largest oil development in the world in 2012, with oil production of almost 375,000 barrels per day in January (most recent month available). According to a study released last week by the University of Texas-San Antonio, the economic activity associated with the Eagle Ford Shale play added $28.4 billion to the state’s economic output last year, which is like adding another state larger than the size of Vermont to the US economy.
Source: Exponential increases in Texas oil output are translating into record increases in shovel-ready jobs: 4,000 a day in February
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