Since the introduction of hydraulic fracturing, Texas has been the model of robust growth. New drilling techniques have granted oil drilling companies access to previously unexploitable reserves of crude oil, which sent production skyrocketing to levels not seen since 1981, when record keeping began.
The Energy Information Administration explained that national employment in oil and natural gas production positions have rallied 28 percent from 2009 to 2013. Texas contributed the most new positions, several times that of other oil-producing states.
"Texas added more than 19,000 new private sector jobs in oil and natural gas production in 2013, almost six times the number added in New Mexico, the next highest state for oil and natural gas production jobs added last year," the EIA wrote in a report.
This year, oil producers have pumped out more than 3 million barrels of crude oil every day from May to September. Compared to oil production a year ago, Texas posted a 22.8 percent increase in September. In the past 12 months through October, payroll employment in the state of Texas increased by 421,900 jobs, the most significant annual gain in state history. This period represented a 3.74 percent payroll increase, nearly double the national average.
Now that the price of oil is starting to slide, some market analysts are concerned over a bust period, which traditionally follow booms. However, the recent progress has led to the development of a much more diverse economy in the state, with energy accounting for around 11 percent of the state's gross domestic product last year, compared to 20 percent in the 1980s.
To make the most of available capital and continue to drive growth in the state, organizational leaders can pursue oil and gas strategy consulting. Outside perspective from industry experts can help companies weather low prices until the market returns.