The United States has become one of the leading energy producers in the world. With Texas not surprisingly leading these impressive numbers. The Texas Oil Boom created a flourishing oil and gas industry in the Lone Star State, with many cities owing their past success and promising futures to the oil and gas sector. One third of all oil and gas produced by the nation comes from Texas, and over 15% of the worlds oil and gas supply originates from Texas. With reserves like these, it is easy to see that the United States will meet its goal of becoming energy independent in 2030.
In 1930, despite the Great Depression, Columbus Joiner struck oil roughly 100 miles east of Dallas in Kilgore. This was the start of the East Texas oil boom. With oil flowing freely in the surrounding region, Dallas instantly become the financial center for the entire oil industry in Texas and Oklahoma. The banks located in Dallas provided the majority of the loans for the entire industry. The oil and gas industry single-handedly kept Dallas from entering the Great Depression for almost two years. Today, although most of the oil and gas drilling and exploration sector has relocated to Houston, Dallas remains the strong financial center of the energy sector and compliments its oil and gas sister city, Fort Worth, nicely. Dallas will continue to be a vital part of the energy sector for the foreseeable future and could be a possible location in your investing strategy.
Fort Worth, Texas
Fort Worth is home to the Barnett Shale, which is said to contain the largest recoverable reserves of natural gas in the United States. This formation has attracted major players into the area, such as Exxon. With the play producing over 6.3 billion cubic feet a day in 2011, and with over 200 operators drilling in the Barnett Shale. There are plenty of investing opportunities in the area, and with the help of modern technologies such as hydraulic fracturing, there will be for decades to come.
Whether you’re personally interested in investing in oil or the opportunity is presented to you by a broker or an oil company, you should think about it many times over before making a decision. Oil investments are legitimate – it has been proven time and again that there is money in oil. However, along with the popularity of oil investments are the appearance of scamming brokers and fly-by-night oil companies that prey on unsuspecting investors.
The United States government warns any investor to be wary of people who tells you that investing in oil will make you rich quickly and that you cannot afford to miss this opportunity. These high-pressure sales pitches may only encourage you to sign a check without checking on the legitimacy of the investment offer. Please perform your due diligence before entering into any agreements. You can download our FREE Insider’s Guide and Legit Meter to help you get a better understanding of the industry