Railroad Commission: Texas oil drilling continues to rise
Evidence is mounting that the fall in oil prices in recent months has yet to put a dent in drilling activity in Texas.
The Texas Railroad Commission reported Wednesday that it issued 3,013 oil and gas drilling permits in September, compared to 2,440 in August and 1,531 a year ago.
The continued ramp up in drilling comes as West Texas Intermediate, the U.S. crude benchmark, is trading $82 a barrel. That is down 20 percent since July, and is driving predictions oil companies will slow down drilling next year.
But so far, the boom appears to be full steam ahead.
Preliminary estimates are Texas oil production in August exceeded 2.2 million barrels a day, up 24 percent from a year ago.