Economist analyzes oil and gas impact

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Updated: 1/24/2013 3:44 am

A recent boom in oil and gas production in the U.S. is having a rippling effect in the Lone Star State and West Texas.

Associate Director of the Maguire Energy Institute Dr. Bernard Weinstein gave his analysis on the economic implications on oil and gas production at Lubbock's Rotary Club.

Weinstein said, in 2012, the U.S. reached a record output on natural gas. He said over the last five years we've seen a renewal in the U.S. on oil and gas production.

"The potential for producing oil and gas from shale in this region is quite high," he said. "The income and bonus payments and leases is helping a lot of farmers in this region survive during tough economic times. So on balance, this resurgence in fossil fuel production of the United States has been a real plus for this part of the state." 

Weinstein said an increase in oil production means more jobs in the energy industry.

He said last year Texas saw a 30-percent jump in revenues from oil and gas.

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