Texas oil production continues to soar
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.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.
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.