The recent oil boom, which began to unfold in 2008, was an extension of the so-called shale
revolution. In contrast to conventional techniques, drilling of shale, or tight, oil and natural gas
has been driven primarily by advances in technologies called hydraulic fracturing and horizontal
drilling.
After nearly a decade of development in shale gas extraction, shale oil production also
accelerated in the wake of soaring oil prices, which reached record levels more than $100 in mid2008 before falling by half within the following year. Crude oil production in Texas more than tripled
between 2008 and 2014, according to U.S. Energy Information Administration. The Permian Basin
has been the leader in the total volume of oil production, while the Eagle Ford has shown the most
gains.
OIL IMPACTS
Crude Oil Production (Thousand bbl/day)
Crude oil
production
in Texas
more than
tripled
between
2008 and
2014. . .
Source: U.S. Energy Information Administration.
18
Annual Review of South Texas Economy