If you are interested in investing in oil and gas, the state of Texas is probably a top contender for a location for your oil and gas investment dollars. Texas has long led the United States with the most proven reserves and reigns as the top producing state in the United States. With over one-third of all oil produced in the country coming from the lone star state, the proven reserve of 9.6 million barrels of oil and the enormous 3.4 million barrels being produced daily are numbers that are hard to ignore. Texas ranks second to none in virtually all aspects of the oil and gas industry and is the sixth largest producing region in the world.
Oil Producing Cities
With Texas leading the United States oil production, it is easy to see that the history and economies of major Texas cities are based around the oil and gas industry and the discoveries that created the oil juggernaut that is Texas. Many oil giants like Chevron, have Texas to thank for their starts.
The history of Austin started in the 1830’s when settlers started coming to Central Texas. Settlers formed the Waterloo village on the Colorado River in 1837 and by 1839, it was renamed Austin and became the permanent capital of the Republic of Texas. With the help of the oil industry, Austin has become a force in the education, technology, and music industries. The University of Texas and Texas A & M have both flourished due to royalties of Texas oil and gas.
Oil in Austin
The Santa Rita No. 1 in 1923 was the first major oil discovery in West Texas. After several months of non-profitable results, Frank Pickrell, a desperate owner of the well climbed to the top of the derrick and threw rose petals gifted to him by a Catholic group of women from New York. He declared the well be christened the Santa Rita, “Saint of the Impossible”. May 28th, the Santa Rita blew, and continued spewing oil for a month until proper equipment was able to be shipped in. Due to legislation that had given the land to the University of Texas, $4 million in royalties were brought in within three years of production creating a rich and vital educational institution for the future of Texas.
Today in Austin
With many different oil and gas formations meeting near Austin, it has become a hub for the oil and gas industry in the region. Many of the modern technologies used today have been researched and utilized in the field in the capital. With Texas being the number one oil producer in the United States, Austin deserves your due diligence in considering it for your investment.
The oil business is just as lucrative as it is risky. This website offers a FREE Insider’s Guide and Legit Meter ,which potential investors could use to study investment offers and how these offers stand in line with your goals, financial standing, and risk tolerance. The Insider’s Guide is a free resource that’s very useful in educating you about the ins and outs of the oil and gas investment industry as well as guides you in checking for the legitimacy of the investments.