With the rise in production, prices have slipped to hover around $90 per barrel.

According to the Energy Information Administration, Texas' production of crude oil exceeded 3.1 million barrels per day in July, the highest production level in 33 years. The significant increase in production is attributed to the rise in new plays in the Permian Basin in West Texas and the Eagle Ford Shale in South Texas.

The news comes on the heels of oil prices dropping below $90 a barrel for the first time since 2012. Prices have fallen as much as 20 percent since June, causing speculation whether the Organization of the Petroleum Exporting Countries (OPEC) will act to cut output for the first time in six years. 

The changes "finally represent the rebalancing and the impact of this tremendous surge in U.S. oil production," Daniel Yergin, Vice Chairman of IHS and prominent oil historian, told the Financial Post.

Yergin also noted that falling prices during significant conflict in the Middle East and increased sanctions on Russia "is a milestone, a marker of change."

With its current level of production, Texas would be ranked as the eighth most prolific producer of oil in the world, if it were to be considered its own country. Only a year ago, under the same considerations, Texas would rank 15th, producing 2,574 barrels per day, according to the Dallas Business Journal.

It is certainly a historic and unprecedented time for the global oil industry. The fears of "Peak Oil" have largely faded into obscurity, and America's reduced dependence on foreign oil is unprecedented in scale. 

Considering the rate of change in the market, organizations may benefit from oil and gas strategy consulting to help avoid potential pitfalls and successfully navigate future challenges.