Business
Texas Drives U.S. Oil Boom and TAYO’s Growing West Texas Real Estate Portfolio, Despite Softened Oil Prices
Texas Drives U.S. Oil Boom and TAYO’s Growing West Texas Real Estate Portfolio, Despite Softened Oil Prices.
About this update from Taylor Consulting, Inc.
[{"type":"text","content":"\n \n Even though oil prices have softened, Texas continues to drive a \n historic U.S. oil boom that shows no signs of slowing down and a flood \n of new West Texas drilling permits drives Taylor Consulting Inc. \n (OTCBB:TAYO) to find and acquire the most promising properties in the \n Permian Basin area.\n \n \n With Texas oil production at Cline Shale in West Texas and Eagle Ford in \n South Texas topping 3 million barrels a day this year – a first since \n the late 1970s – the United States is in the midst of one \n of the biggest booms in decades and according to the Energy \n Information Administration has become a top producer for the world with \n more than 11 million barrels of oil every day. A \n study by the Institute for Economic Development at the University of \n Texas-San Antonio (UTSA) showed drilling at Eagle Ford produced an \n $87 billion economic impact and employed more than 155,000 people in the \n 21 counties surrounding it. UTSA’s study also included 10 counties in \n and around Cline Shale, which actually encompasses 39 counties, \n estimating economic impact in those counties to be as high as $34 \n billion with more than 30,000 jobs created by 2022.\n \n \n “The UTSA study also noted that there’s likely more recoverable oil in \n the Permian, which is great news for TAYO and our ongoing efforts to \n acquire promising properties in West Texas. Texas is at the forefront of \n the U.S. oil boom and, despite lower oil prices, there’s no slowdown \n here,” said TAYO CEO Scott Wheeler. “The U.S. Energy Information \n Administration said just this week that Texas has added 19,000 \n on-the-ground energy jobs – more than any other state and six times more \n than New Mexico, also part of the Permian Basin. Oil prices may be \n lowering, but Texas isn’t slowing down and neither is TAYO.”\n \n \n Top energy industry executives recently told Bloomberg how they are \n planning for softening \n oil prices and they agreed production could be sustained even if \n prices fell lower. “Oil prices are lower, but they’re not low enough to \n really put a big pinch on that activity,” Ken Medlock, senior director \n of the Center for Energy Studies at Rice University’s Baker Institute, \n told the newspaper.\n \n \n Earlier this year...