Haley Harrison | CBS 7 | August 23, 2018
The West Texas oil boom is making waves in the global oil market.
According to the Energy Department, the Houston-Galveston port began exporting more crude oil than it imported for the first time on record this past April.
The United States exports nearly 11 billion barrels per day, but experts estimate that the country will top that number sooner than later.
"We will be at 13 [billion barrels] pretty quickly. We will surpass Russia here shortly in the next 3-4 months," Scott Sheffield said. "We will be at 15 sometime in 2026."
The Lone Star state alone is well on its way to producing more oil than either Iran or Iraq, which would make them No. 3 in the world if it were a country.
“It’s the actions here in the Permian Basin, that has led to energy independence in Texas," financial expert Mickey Cargile said.
Cargile said the Permian Basin is by far the most active drilling site in Texas.
“The economic boom that we are seeing right now is because of the increased drilling and production in our area," Cargile said. "The key economic indicator is the number of drilling rigs that are working.”
Therefore, the more drills that pop up in West Texas, the more the scale will tip toward exports on the gulf.
“It means we are well on our way, if not already at the point of energy independence, and that is very important for Texas and the country,” Cargile said.