From CNN:
Texas to pass Iraq and Iran as world's No. 3 oil powerhouse
The shale oil boom has brought a gold rush mentality to the Lone Star State, which is home to not one but two massive oilfields.
Plunging drilling costs have sparked an explosion of production out of the Permian Basin of West Texas. In fact, Texas is pumping so much oil that it will surpass OPEC members Iran and Iraq next year, HSBC predicted in a recent report.
If it were a country, Texas would be the world's No. 3 oil producer, behind only Russia and Saudi Arabia, the investment bank said.
"It's remarkable. The Permian is nothing less than a blessing for the global economy," said Bob McNally, president of Rapidan Energy Group, a consulting firm.
Great news - the idea that we have reached "peak oil" is not based on the numbers. There are a lot of untapped reserves and the technology is always advancing.
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