A new report on U.S. oil and gas production Tuesday that finds the shale gas and tight oil boom
spreading from Texas to North Dakota has created 1.7 million jobs.
The report forecasts a continued surge in economic growth from the energy boom through 2035,
with cumulative job growth of 3.5 million and capital expenditures of $5.1 trillion.
Texas is a major beneficiary of this trend, with oil and gas production rising in the Permian Basin
and the Eagle Ford and Barnett shale deposits. While oil imports still account for more than $300
billion of the nation’s almost $700 billion trade deficit, the report says that number is quickly
falling as domestic oil production rises. By the end of the decade, oil imports should fall 4.5
million barrels a day below what they were in 2005, curbing spending on foreign oil by $185
billion a year.