REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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The Bust of Times

Even at the height of an oil boom, people worry about what happens next.  In little more than four years, the oil and gas from the Eagle Ford Shale field has rocked Texas and the rest of the country. Late last year, the International Energy Agency made the startling projection that the United States could briefly surpass Saudi Arabia as the world’s largest oil producer in the next decade and could be nearly energy independent by 2035.

Today, the mostly rural area of the Eagle Ford—about fifty miles wide and four hundred miles long, running across roughly two dozen counties—is thick with truck traffic. Last year, the Railroad Commission issued more than 4,100 drilling permits for the shale, up from just 26 in 2008. Oil production in 2012 jumped to about 352,127 barrels a day, up from 127,965 barrels a day in 2011.

Real estate prices are soaring in places like Beeville, Karnes City, and Kenedy, and towns that once boasted two or three hotels now have twice as many, with more on the way. A new H-E-B opened in Gonzales last year, and a Walmart Supercenter is under construction; another H-E-B will open this month in Carrizo Springs.

Of course, all this growth also presents some challenges.  Click to read entire Texas Monthly article: The Bust of Times (Texas Monthly, April 2013)

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