South Texas Oil And Gas Bonanza Supported Nearly 48,000 Jobs Last Year.
A university report says a South Texas oil and gas bonanza supported nearly 48,000 jobs last year while creating overnight boom towns cashing in on a $25 billion economic windfall.
The report on the liquid-rich Eagle Ford shale was released Wednesday by the University of Texas at San Antonio's Institute for Economic Development. The energy rush that started in 2008 mushroomed into nearly 1,700 wells last year. The shale formation stretches from the western Texas-Mexico border and hooks all the way toward Louisiana.
The study urges once-struggling small towns now flush with cash to spend on infrastructure and education before the boom goes bust. Demand for housing and skilled labor remains intense throughout the region, but the report says shortages so far haven't slowed down the lucrative play.