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The Midas Touch of Gas and Oil on Texas' Way of Living

by:Wingoil     2020-06-01
Texas will forever be intertwined with gas and oil-from its origins as an agricultural backwater, before Spindletop field in Beaumont gushed what was to be the first oil drilled in the state, to being the industrial giant it is today. You can never underestimate how entrenched gas and oil are not only to the economy of Texas but perhaps the vaunted love of independence by its people. The stability of oil and the emergence of natural gas as a potential cash cow enable the state government to earn millions in taxes and stave off recession, being the last county in the United States to buckle and the first to recover, and keep unemployment within single digit levels. For good measure, it keeps its own electrical grid which insulates it from the vagaries of federal policies. Today, you can't look anywhere in Texas without noticing the influence or contribution of the mineral industry. The famed wealth of the University of Texas, for example, can be attributed to producing wells Big Lake Field. Revenues from oil and other minerals also gave rise to the creation of the permanent fund to help fledgling public schools. The benefits encompass other sectors as well, resulting to innovations in medicine, research, culture and arts, and engineering. Over the years, museums, theatres, libraries were erected through money directly and indirectly raised through gas and other mineral. It may seem like a paradox but the 7,800-acre Rob and Bessie Welder Wildlife Foundation and Refuge in San Patricio County, which offers grants to students for managing wildlife, was funded from oil and gas leases. It's no surprise therefore that even if some quarters may think that Texas is suffering from mineral glut, companies and speculators are still keeping a close watch on the state even as they are looking for other areas to drill. Make no mistake about it, there are untouched counties with a huge potential reserves. One gas company, for example, is eyeing 80 such counties. So if you think your Texan backyard's latent resource is promising, don't hesitate to call for experts to come in and evaluate. Of course, you'd rather deal with legitimate companies instead of the run-of-the-mill characters with fast mouths and even faster hands that can rob you blind. So do your research, shop around, talk to people who are in the same position as you and ask who they can recommend to be your business partner. Don't make the mistake of rushing your decision on the lure of money, you might end up counting pennies instead.
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