Texas’s oil industry is set to surpass Iraq and Iran to become the number 3 oil producing region in the world, behind only Russia and Saudi Arabia.
CNN Money reports that HSBC Bank predicted in a recent report that the state’s explosive growth of oil production in the last two years could result in Texas passing the two OPEC countries as oil prices rise around the world.
The surge in Texas production comes just two years after the oil fields in Texas were seeing much lower production levels at the tail end of the Obama administration, according to CNN.
“In 2014, it was amazing. 2016 was down in the dumps. Two years later, it’s back to crazy,” Texas railroad commissioner Ryan Sitton told the news network.
Read more at The Hill.