Dean Foreman, Chief Economist, Texas Oil & Gas Association joined Grayson Brulte on the Autonomy Economy podcast to discuss the growing demand for oil and how Texas energy exports could hit $230 billion by the end of the year. 

In Q3 2024, global oil demand reached a record of 103.4 million barrels per day. To keep up with the global demand for oil and in an effort to maintain marketshare, Saudi Arabia recently announced that the Kingdom will increase daily oil production by 1 million barrels at day to 9.9 million barrels per day by December 2025. 

While Saudi Arabia is increasing output, Texas continues to output millions of barrels of oil per day as well. As of July, Texas is currently outputting 5.7 million barrels per day of crude oil and 3.85 million barrels per day of natural gas liquids.  As global oil demand continues to outstrip supply, Texas is working to close the gap by leveraging technology to bring new wells online. 

The oil and gas industry is thriving in Texas. So much so, that the industry paid $26.3 billion in state and local royalties and taxes in 2023.

Episode Chapters

0:00 Preparing for Hurricanes 

2:35 Growing Oil Demand 

11:33 Oil Markets & Interest Rates 

14:34 International Longshoremen's Association Port Strike 

19:42 Interest Rates and the Impact on Drilling 

23:22 Increasing Productivity Through Automation 

27:28 Oil & Natural Gas Industry's Impact on Texas' Economy 

31:28 Growing Household Debt & Delinquencies 

35:48 Strengthening Euro 

37:42 Rising Oil Demand Continuing in 2025 

40:21 Quarterly Oil Outlook

Recorded on Friday, September 27, 2024

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