• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 3 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 3 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 1 hour California Threatens Ban on ICE Cars
  • 16 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 21 hours Solar Industry Lays Claim To The 2020s; Kicks Off The Solar+ Decade
  • 20 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 2 days DUG Rockies: Plenty Of Promise, Despite The Politics
  • 1 day Iran v USA the perfect fire triangle
  • 1 day U.S. and Turkey
  • 19 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 3 hours Global Warming Making The Rich Richer
  • 7 days How can Trump 'own' a trade war?
  • 2 days Dear journalists: say "climate crisis" not "climate change"
Saudi Arabia Strikes Back In Yemen

Saudi Arabia Strikes Back In Yemen

Saudi Arabia has launched an…

Booming Oil & Gas Help Texas Exports Grow 3 Times Faster Than U.S. Average

oil jack sunset

The value of exports of oil and gas from Texas jumped by 45 percent, CNBC reports, citing data from trade research firm WISERTrade.

The value of Texas’ petroleum and coal product exports increased by 5 percent.

The value of Texas exports in January and February this year exceeded US$50.9 billion, a rise of 9 percent on the year—triple the U.S. national export growth of 2.6 percent in the first two months of the year, according to WISERTrade data.

As per WISERTrade, Texas accounted for almost 20 percent of all U.S. exports in the first two months of 2019, compared to 11 percent share for California. Over the past few years, the share of California of national exports has declined, while the share of Texas has grown, thanks to the soaring production and the rise in exports from the U.S. Gulf Coast after the U.S. removed restrictions on crude oil exports in 2015.

According to the U.S. Census Bureau, the value of the Texas crude oil exports stood at US$38.675 billion in 2018, a surge of 127 percent from 2017.

Texas continues to see its exports climb, and the state “exhibits a manufacturing edge in energy-related products and intermediate goods,” Jesus Cañas and Stephanie Gullo with the Federal Reserve Bank of Dallas wrote earlier this month.

Texas’ annualized 6 percent export growth since 2002 is almost double the 3.6 percent rate for the rest of the United States, according to Dallas Fed.

Last year, petroleum and coal products was the number-one manufacturing export sector for Texas, accounting for 17.7 percent of total state exports, the Dallas Fed said, but warned that its Texas business survey from February 2019 found that businesses described the tariffs as “a looming threat” affecting “virtually all imported raw materials” and “making U.S. exports less competitive.”   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News