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Report: Texas Holds $140B in 'Petro-Wealth'

Report: Texas Holds $140B in 'Petro-Wealth'

HOUSTON, TEXAS–There is a newer economic indicator for Texans to brag about thanks to Austin-based Black Beard Data–and do not expect Lone Star pride to subside soon. Texas leads the rest of the nation in “petro-wealth” to the tune of $140 billion–otherwise known as the value of varying interests in proven energy reserves, according to the March 2014 report. Texans now claim up to 80 percent of all “petro-wealth” in the United States and Territories.

As seen in previous oil boom cycles throughout the state, two cities–Houston and Midland–boast the largest shares per municipality. According to the report, Houston claims the most wealth by far–accounting for $47 billion. This comes as no shock given many of the world’s largest energy companies are based in the Bayou City. Midland, a functioning satellite city to Houston situated in the heart of the west Texas oil field, brags a respectable $14 billion.

Before critics can argue big city wealth inequality, a separate report released in March 2014 by financial research and analysis website Nerd Wallet found that four of the top 10 “Cities on the Rise” in Texas were due largely to the expanding oil and gas industry. Businesses in retail and general services are scrambling to serve demand.

Figuring population, employment and income growth, The Woodlands scored first thanks to the economic impact of one of the largest publicly traded corporations, ExxonMobil, relocating to the northern Houston suburb. The west Texas town of Big Spring (pictured) came in fourth and is expected to become a boom town thanks to a recent discovery of the Cline Shale, a “140-mile patch underneath” the town potentially offering “3.6 million barrels of recoverable oil per square mile, making it the largest deposit in the United States.”

The San Antonio suburb of Schertz came in fifth thanks in part to the expansion of GE Oil and Gas’ adding nearly 200 new household jobs, according to the report. The city of Nacogdoches rounded out the study at number 10 due to expanded exploration of the Haynesville Shale in the area.

As previously reported by Breitbart Texas, the Lone Star State leads North America in active drilling rigs.

Follow Logan Churchwell on Twitter @LCChurchwell

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