Energy

Energy Industry Statistics:

  • Texas is known for its leadership in both its hydrocarbon reserves and the intellectual assets to develop and manage oil and gas assets
  • Texas ranks fifth nationally among states with coal production and is the largest producer of lignite
  • Private expenditures in research and development have increased from $687 million in 2002 to $816.5 million in 2004
  • The majority of energy patents were issued for innovation in the oil and gas drilling and exploration area at 74.5%
  • Texas is the leading crude oil-producing State in the nation and Texas produces and consumes more electricity than any other State
  • Natural gas production in Texas increased 16% during the first 6 months of 2008

A plentiful energy supply is a cornerstone of modern life. It’s also the factor that, more than any other, made Texas an important part of the world economy.  For much of the twentieth century, Texas’ economy was driven by the oil and gas industry. At the height of the oil boom of the early 1980s, the industry accounted for more than a quarter of the gross state product and of state government revenues. Though the state’s economy has diversified over the last 25 years, the industry is still important to our welfare, and has seen a recent resurgence due to rising oil and gas prices.
 
Today, Texas is the nation’s largest consumer of energy, accounting for nearly 12 percent of all U.S. energy use, primarily due to our fierce summers, the state’s large industrial complex and our large population. Texas is the nation’s largest producer of energy as well. About nine-tenths of the energy Texas produces comes from oil, gas, coal and nuclear power, all considered to be nonrenewable resources. But our reserves of fossil fuels are becoming harder and more expensive to find.

To meet our energy needs in the 21st century, Texas – and the rest of the world, for that matter – will have to rely on an array of resources. The state’s new energy portfolio will include renewable resources, nuclear power and traditional fossil fuels linked with new technologies to improve efficiency and reduce their environmental impact.

Click here for valuable information regarding the Key Elements of Texas' Future Energy Portfolio.

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