Texas crude oil and natural gas producers are leading a historic expansion of domestic supplies, which is having a huge impact on the state's economy and tax collections.
"We are witnessing a stunning crude oil renaissance in Texas and across the U.S., and the state and the nation are clearly better for it," petroleumeconomists Karr Ingham said following the release of numbers from the Texas Petro Index for October and the office of Texas Comptroller Susan Combs.
The Texas Petro Index climbed another 2.8 points to 253.0, registering the largest month-tomonth increase since last spring.
"The expansion of North American crude oil reserves is clearly shifting the supply picture from reliance on unstable regions to much more stable and politically predictable sources," Ingham said.
"The turnaround in the supply picture is staggering, and was largely unfathomable just a few short years ago." Ingham added. "This is what the industry is capable of when it is turned loose to do its job."
A composite index based upon a comprehensive group of upstream economic indicators, the Texas Petro Index (TPI) increased in October for the 22nd consecutive month to 253.0, from a low in December 2009 of 186.6. The TPI peaked at 286.0 in September and October 2008.
Among leading TPI indicators during October: Crude oil production in Texas totaled an estimated 38.2 million barrels, nearly 1.5 million barrels (3.1 percent) more than in October 2010. The value of Texas-produced crude oil totaled an estimated $3.16 billion, 8.8 percent more than the same month last year.
Estimated Texas natural gas output was nearly 576.8 billion cubic feet, a year-over-year monthly decline of more than 10 percent. With natural gas prices in October trailing prices in October 2010 by about 2.4 percent, the value of Texas-produced gas declined 12.1 percent to about $2.13 billion.
The Baker Hughes count of active drilling rigs in Texas averaged 914, 27.5 percent more than in October 2010. Drilling activity in Texas peaked in September 2008 at a monthly average of 946 rigs.
The number of Texans on oil and gas industry payrolls appeared to reach a record high in October for the fourth consecutive month, according to the Texas Workforce Commission, totaling an estimated 237,800. Until the past four months, the previous high - a n estimated 223,200 workers following a revision to reflect new industry employment data for 2009 and 2010 - o ccurred in October 2008.
The increase oil and gas activity has sparked a surprising increase in tax revenues that has made the Texas comptroller predict a billion dollar increase in revenues.
The comptroller's latest estimate predicts a $1.6 billion increase than was budgeted for 2012-13, the two-year budget that started Sept. 1.
Through the first three months of fiscal 2012, sales tax revenues are up 13.2 percent. During fiscal 2011 (Sept. 1, 2010, to Aug. 31, 2011), sales taxes increased 9.4 percent over fiscal 2010.
Oil and gas production taxes increased 46 percent and 53 percent, respectively, in fiscal 2011 over fiscal 2010.
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