AQUA BOOK 2015 - Page 20

The recent oil boom, which began to unfold in 2008, was an extension of the so-called shale revolution. In contrast to conventional techniques, drilling of shale, or tight, oil and natural gas has been driven primarily by advances in technologies called hydraulic fracturing and horizontal drilling. After nearly a decade of development in shale gas extraction, shale oil production also accelerated in the wake of soaring oil prices, which reached record levels more than $100 in mid2008 before falling by half within the following year. Crude oil production in Texas more than tripled between 2008 and 2014, according to U.S. Energy Information Administration. The Permian Basin has been the leader in the total volume of oil production, while the Eagle Ford has shown the most gains. OIL IMPACTS Crude Oil Production (Thousand bbl/day) Crude oil production in Texas more than tripled between 2008 and 2014. . . Source: U.S. Energy Information Administration. 18 Annual Review of South Texas Economy