All of the exploration and production by such Oklahoma energy companies such as Devon Energy and Vital Energy in the Permian Basin added to turning the giant shale play into an economic powerhouse for Texas and New Mexico.
The Odessa American reported an Economic Report from the Permian Strategic Partnership (PSP) highlighted 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.
“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,” reported the paper.
Consider these contributions citd by the Odessa American.
- $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.
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