When the oil boom began in Texas five years ago, few could have anticipated the heights it would reach. Over 400,000 workers are employed in the energy industry in the state today, with an average salary of $120,000, according to Texas Oil & Gas Association statistics.
The Texas economy, if it were considered a sovereign nation, would rank twelfth in the world. And as James Lebas, former chief revenue estimator for the Texas Comptroller's office, told the state's House Committee on Energy Resources recently, the energy industry makes up one third of the state's entire economy.
"When people look back at this in 20 years, this will be seen as part of the golden age. We have reached new highs, it is paying handsome dividends to the state and the state is doing very well. We've gone from one million barrels a day to three million, and the day may come when we eclipse the all-time record set in 1972," Lebas told the committee.
As many other states struggled to add jobs and climb out of the recent recession, the oil and gas industry in the Lone Star State has been adding more than 1,000 new jobs a day, and enjoying an unemployment rating of 5.1 percent, a full point below the national average.
As organizations in the energy industry continue to push the state's, and the country's, economy forward, it is important that they adopt sustainable, profitable processes that protect Texas' standing as the energy capitol of the world. Oil and gas management consulting can help ensure that new workers understand the best practices for their role and help their organization take full advantage of the opportunities available in the current Golden Age of Oil.