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Ten counties in the Permian Basin drove 93% of US crude oil growth from 2020–2024, EIA and Enverus data show.

America’s oil boom concentrated in ten Permian counties

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If you want to know where America’s oil boom is happening, no need to look at the whole map—because it’s limited to just ten counties in the Permian Basin. Between 2020 and 2024, these small dots in Texas and New Mexico delivered 93% of all U.S. crude oil growth, according to the latest EIA and Enverus data.

It’s almost like the rest of the US doesn’t even matter when it comes to oil production growth.

The U.S. added 1.9 million barrels per day (bpd) of new crude and condensate output over that stretch. But nearly all of it came from Lea and Eddy counties in New Mexico, plus Martin and Midland on the Texas side. Lea and Eddy alone punched out almost 1 million bpd of growth—more than half the national total. That puts two dusty counties in New Mexico on par with the production increases seen from OPEC heavyweights like Iraq or the UAE in their strongest years.

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Source: Oil Price

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According to the impact report, the Permian Basin generated $119B for the US economy in 2024 and supported more than 862,250 jobs.

Permian Basin drives $119B in US economic impact, report finds

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Only a small percentage — 1.6% — of Texans and New Mexicans reside in the Permian Basin, but the region has an outsized economic impact.

The Permian Strategic Partnership (PSP) has released its 2024 Economic Impact Report, highlighting the region’s essential role in supporting critical government functions such as public education and teacher support, police and fire departments, roadside safety, community hospitals and universities.

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Source: mrt

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Speculators and algorithmic traders are betting on higher oil prices due to expected policy changes under Trump and shifts in EV and oil demand.

Trump’s presidency sparks renewed optimism in oil markets

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Last year’s oil market was dominated by algorithmic trading, amplifying every headline about market oversupply and Chinese demand into price swings that kept crude trapped in a narrow, disappointing range—well below OPEC+’s lofty production-cut goals. This year may not see much of a change in oil’s price amplitude, but the peaks and troughs could grow sharper, setting the stage for some dramatic action.

In the second and third week of December last year, speculators in the United States significantly increased their bets on higher oil prices, Bloomberg reported this week. In fact, in the second to last week of the year, long bets on crude reached the highest in four months, the report said, for a total of close to 183,000 lots. That followed an even more significant increase in bullish positioning in the previous week, when the number of lots hit the highest in a year.

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Source: Oil Price

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Year-to-date through July 2023, TX accounts for 43.3% of all oil production and 27.4% of all natural gas marketed production in the country.

Report: Texas oil and natural gas industry breaks decades-old production records

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The powerhouse of the U.S. energy sector—the Texas oil and natural gas industry—reached a new record production high in June and July, surpassing all-time highs set 30 and 40 years ago, according to an energy economics analysis published by Texas Oil & Gas Association.

The analysis, conducted by TXOG’s Chief Economist Dean Foreman, Ph.D., shows that Texas’ production of oil, natural gas, and natural gas liquids broke previous records and that resource reserves are expected to support decades of prospective production. It also highlights a range of records broken in May, also surpassing previous 30- and 40-year-old highs.

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Source: The Center Square

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