Permian
Basin contributes over $100 billion and nearly 854,000 jobs to the US economy
BY ODESSA AMERICAN, TEXAS THE TRIBUNE CONTENT AGENCY UPDATED JULY 15, 2024 7:12 PM Jul. 15-
MIDLAND - The Permian Basin continues to grow rapidly, reflecting the region's importance as an economic powerhouse for Texas, New Mexico and the country. This year's Economic Report
from the Permian Strategic Partnership (PSP) highlights the region's essential role in supporting critical government functions such as road improvements, public schools and teachers, police and fire departments, community hospitals and universities. The report also emphasizes the area's status as the second lowest producer of CO2 emissions per barrel of oil equivalent among the major onshore producing basins worldwide. As a world leader in oil production, the Permian Basin is projected to
produce around $350 billion in gross product and provide around 1,200,000 jobs for the nation's economy by 2050. "The Permian Basin provides indispensable resources to energy security, making significant contributions to our nation's robust economy every year," said Don Evans, Permian Strategic Partnership Chairman. "As the world's largest secure energy supply, our region is fundamental to our national, economic, and energy security. Texas and New Mexico can promote further growth and support
the American economy in collaboration with the energy industry through investment and expansion of our region's infrastructure."
According to the Economic Impact report, the Permian also contributed: - $18.2 billion in taxes collected across Texas and New Mexico associated with Permian Basin activity 853,924 jobs nationwide. - $3.6 billion paid to Texas' Permanent University Fund and the Permanent School Fund combined. - 115% estimated
growth in solar capacity for New Mexico in 2024, the highest in the country, with Texas ranking second at 76%. Investments in both wind and solar energy continue to grow in the Permian Basin. The Permian Basin is a leader in global energy production as a region rich with natural and renewable resources.
Economies across the globe meet their energy needs thanks to the Permian Basin's 92.7 billion barrels of recoverable oil and 211
trillion cubic feet of recoverable natural gas. If the Permian Basin were its own country, it would rank globally among the top five oil producers. By 2030, the Permian Basin will contribute 50% of U.S. oil production. Although the Permian Basin is home to only 9.2% of New Mexico's population, the region produces over a quarter, 25.9%, of New Mexico's private sector GDP. Likewise, in Texas, the Permian Basin accounts for 8.1% of the state's private sector GDP despite being home to only 1.6% of
Texas' population. "This report reinforces the importance of the Permian Basin as a significant contributor to the economies of Texas and New Mexico, as well as our region's national and global economic impact," said Tracee Bentley, President and CEO of the Permian Strategic Partnership. "Thanks to years of dedicated investment, strategic planning and foresight, the Permian Basin has made the American dream a reality for hundreds of thousands who move here in search of economic opportunity. The
Permian Strategic Partnership remains committed to supporting the Basin, hand-in-hand with every hard working citizen who calls our region home, to fully realize the Basin's economic potential."
Read the full report here.
Read more at: https://www.star-telegram.com/news/state/texas/article290100219.html#storylink=cpy