Natural gas has often taken a backseat to crude oil in the Texas energy business, but the advent of fracking shale gas has given it star billing in the Lone Star State — and the U.S.
Texas already leads the U.S. in natural gas production and holds about 23 percent of the nation’s natural gas reserves.
The Permian Basin in West Texas and southeastern New Mexico could be the next region to strike it big, bringing jobs and development.
“Cities like Midland are poised to see a big comeback,” says Andrew Coleman, managing director at Raymond James. “The Permian Basin was like OPEC in the 1930s and 1940s."
“The easy stuff to get was the oil,” adds Coleman. “But now they’re going back for the gas. There were places in West Texas that became ghost towns after the easy stuff was gone, but now fracking and other technology is poised to bring people back to places like Midland.”
The basin is just one of several areas in Texas and the western Gulf region where fracking may come to rule the local economy.Page 1 of 6 | Next Page