CNN: Texas to pass Iraq and Iran as world's No. 3 oil powerhouse
Don't mess with Texas. It's a global oil superpower.
The shale oil boom has brought a gold rush mentality to the Lone Star State, which is home to not one but two massive oilfields.
Plunging drilling costs have sparked an explosion of production out of the Permian Basin of West Texas. In fact, Texas is pumping so much oil that it will surpass OPEC members Iran and Iraq next year, HSBC predicted in a recent report.
If it were a country, Texas would be the world's No. 3 oil producer, behind only Russia and Saudi Arabia, the investment bank said.
"It's remarkable. The Permian is nothing less than a blessing for the global economy," said Bob McNally, president of Rapidan Energy Group, a consulting firm.
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WNU Editor: No one thought this was possible just 5 years ago. It always amazes me on how advances in technology and engineering can change everything in a very short period of time.
