Texas oil production continues to soar

Fuel Fix:

Texas oil production continued a strong pace of growth in recent months, but signals of a slowdown are starting to show up in drilling data, state officials reported Tuesday.

According to preliminary figures from the Texas Railroad Commission, crude oil production amounted to 2.21 million barrels a day for October, a 26 percent increase over the 1.75 million produced in October 2013. The commission has reported similar year-over-year growth rates all year.

The October figures represent the approximate midpoint of a price collapse that began last summer, when benchmark crude peaked above $100 a barrel. Through the last two weeks, prices have held steadily in the mid-$50s.
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Texas energy producers are already looking for ways to become more efficient t deal with the new price structure.  That is the biggest difference between companies in a free market and state run operations that see oil as a means to pay for socialism.  It is why the US economy has been superior to the command economies in places like Venezuela.