47% of all drilling rigs in the United States are in Texas, and almost half of Texas rigs are in the Permian Basin according to Workforce Solutions in Midland.
The Permian Basin has 380 drilling rigs, and Oklahoma, the state that has the second most, has 176.
"Where they are working now [in the Basin's oilfields] is literally 4,000 feet thick and other places its only 30 feet thick," said Executive Director at the petroleum museum Kathy Shannon.
According to Shannon the Permian Sea retreated millions of years ago, and it left the Permian Basin which created an area rich in oil.
"The Permian sea 260 million years ago you had your oil critters that died and compressed... it just was the perfect melting pot for the development of oil and gas," said Shannon.
Willie Taylor the C.E.O. of Workforce Solutions in the Permian Basin told us the energy industry powers the basin's cities local econonomies.
"Midland is about 29% of the mining industry and Odessa is about 26% so it's pretty much what is driving our economy locally," said Taylor.
With the energy industry taking off, Taylor tells me that it's been difficult for your local governments to keep up.
"Oil, gas, and mining industry, they move at a different pace than you know the cities, counties and education, they have the resources to move fast and that's not necessairly so for municipalities and school districts," said Taylor
Taylor noted that it may take two to three years for apartment prices to decrease because there are so many people coming to the basin.
"If the city can't grow with whats going on in the growth of the industry here, then that's going to hurt our development," said Taylor.
Maybe you remember the oil boom and bust from the 80's, Shannon tells us this bust shouldn't happen anytime soon.
"The technology that has been developed right here in the Permian Basin is astounding and is really turning the industry around," said Shannon.
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