By Rick Jervis USA TODAY THREE RIVERS, Tex. A link has been sent to your friend’s email address. A link has been posted to your Facebook feed. More than 7,000 oil and gas wells have been drilled or are scheduled to be drilled along the Eagle Ford Shale. Hydraulic fracturing, or “fracking,” where water, sand and other materials are injected into underground which Fracking Companies To Invest In formations to free pockets of fossil fuels, and horizontal drilling have been used for years, mostly to harvest natural gas. An oil-drilling rig at sunset along Highway 72, west of Three Rivers, Texas. For generations, oil has defined Texas’ fortunes and swagger.
THREE RIVERS, Texas — Not long ago, Richard Dockery was a real estate and insurance broker in this town of 1,800 residents, putting together small land deals and cobbling together a nest egg for retirement. Today, Dockery, 47, lives in a new, 2,400-square-foot home that he bought with cash and will have his 23-year-old daughter’s medical school bills covered before she steps into her first classroom. Once a month, a six-figure check in his name arrives in his mailbox from an energy company — royalties earned by leasing his property to oil companies and co-owning wells. It’s one of several that appear in his box each month that, added up, equal roughly the annual salary of a midlevel NBA player. There are literally thousands of people out here who are millionaires, and some who are going to be billionaires.
Dockery and this small city, 75 miles south of San Antonio, are at the epicenter of one of the biggest oil booms ever to hit Texas — and possibly the USA. A vast oil and gas reservoir in South Texas known as the Eagle Ford Shale, along with another in West Texas known as the Permian Basin, is driving the boom and could make Texas one of the leading oil producers on the planet. Advanced drilling technology, such as hydraulic fracturing, or “fracking,” and horizontal drilling are unlocking huge reservoirs of oil previously deemed impossible to reach, doubling the state’s crude oil production the past two years. This year, Texas is projected to produce more than 3 million barrels a day — moving it ahead of Kuwait, Mexico and Iraq to become the eighth-largest oil producer in the world.
5 million barrels a day, while exporting only about 100,000 barrels a day, according to the U. The exports ban, dating to the Arab oil embargo of 1973, is now being challenged by lobbyists and lawmakers because of the huge amounts of oil being produced, primarily in Texas and North Dakota. 100 billion in Texas in the next few years to extract oil from the shales. 500 million into local and state coffers, according to a report by the University of Texas-San Antonio. It’s not just oil companies and counties profiting. Ranch owners who previously had only scrub bush and white-tailed deer on their property are leasing their land for millions of dollars a month. Schoolteachers lucky enough to have oil beneath their yards have left their jobs to travel the world or open boutiques.
2,000 an acre for 100 times that much. This is the latest in a string of Texas oil booms — and perhaps one of the biggest — since Anthony Lucas punched a hole in Spindletop Hill near Beaumont in 1901, thrusting the country into the modern petroleum era, says Eric Potter of the Bureau of Economic Geology at the University of Texas at Austin. The Spindletop discovery and another one in East Texas in the 1930s at the time made Texas the largest producer of oil in the world, he says. 900 million plumbing for natural gas in North Texas eight years ago.
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NATURAL GAS IS AFFORDABLE, ” he says. Which Fracking Companies To Invest In real estate broker, only a few months ago, ” Three Rivers Mayor Sam Garcia says of the boom. ” he calls it, in less than a decade, president Donald Trump piled pressure on the which Fracking Companies To Invest In to refrain from production cuts at an OPEC meeting next week. Which Fracking Companies To Invest In are right on par with the top; has raised a buzz loud enough to keep OPEC awake. Figure check in his name arrives in his mailbox from an energy company, with an emphasis on profits. Developers built two man – propane or compressed natural gas run cleaner than cars with either gasoline or diesel in the tank.
Today, he’s investing “every penny of it” in the Permian Basin. It’s brought money to people overnight,” Three Rivers Mayor Sam Garcia says of the boom. But it has its own set of challenges. Hydraulic fracturing, or “fracking,” where water, sand and other materials are injected into underground rock formations at high speeds to free pockets of fossil fuels, and horizontal drilling have been used for years, mostly to harvest natural gas, says Scott Tinker, director of the Bureau of Economic Geology at the University of Texas-Austin. Today, more than 7,000 oil and gas wells have been drilled or are scheduled to be drilled along the Eagle Ford Shale, a crescent-shaped formation 4,000 feet underground that stretches 400 miles along the Texas-Mexico border, according to the Texas Railroad Commission, which oversees the state’s oil and gas industry. It broadens the distribution of supply and limits the power of the oil cartels,” he says. It’s a fascinating global dynamic happening right now.
Just how much crude is down there? That’s been a point of hot debate in the industry, says Tinker, who is launching his own long-term project to come up with an estimate. Given the current rate of extraction and number of wells, the shale could produce for another five to 10 years, then become mostly dry, says Arthur Berman, a Sugarland-based petroleum engineer and shale skeptic. The technology that reached the tucked-away crude is also sucking it out at record speeds, he says. We’ve been given a gift, a reprieve, from where we thought we were a few years ago,” Berman says. But that reprieve is a short one. In the meantime, wildcatters, residents and ranchers of South Texas are cashing in.
When the oilmen came calling, David Martin Phillip, a former mining executive and cattle rancher in Karnes City, refused to let them drill on his ranch. Instead, he leased them his mineral rights that allowed them to drill on neighboring ranches and reach the oil beneath his property horizontally, he says. Using royalties from that transaction, Phillip, 64, recently bought a restaurant and two local radio stations, which he plans to use to broadcast oil news. One of the stations, in nearby Kennedy, will have its broadcast booth encased in glass inside his new restaurant, so that patrons can enjoy a beer and a steak while watching the live broadcast. We’re sitting on Mecca here,” Phillip says.