Throughout history, there have been energy booms followed by energy busts. Companies will find new sources of generation, utilize them as much as possible, and then be forced to look elsewhere once those sources dry up.
In recent years, Texas has experienced an oil and natural gas boom thanks to improved exploration techniques and the widespread use of hydraulic fracturing to reach resources that were previously locked deep underground.
Back in 2009, The Dallas Morning News reported that Texas oil production averaged about 1.1 million barrels per day. In 2013, that amount increased by nearly 150 percent, reaching 2.6 million barrels per day.
Some observers might argue that this boom, like all those that came before it, has a limited lifespan. But others aren't so sure.
"This is a more sustainable and potentially longer-lasting boom," John Auers, an oil analyst, told the news source. "The early '80s were great times, but they became bad pretty fast. I don't think that's going to happen going forward."
Some notable major oil producing sites include the Eagle Ford basin, which barely produced anything in 2009 but is now responsible for 1.3 million barrels per day. New technology allows for greater efficiency, which in turns helps petrochemical companies access immense oil deposits that were known to be there, but could not have been accessed before now.
The continued development of the Texas oil and gas industries promises not only additional tax revenue, but also cheaper energy prices that will allow for greater industrial development in the state. This is part of then reason why the Texas business climate is able to support the CNC machining services that are needed to improve productivity.