Big Oil is having an incredible impact, again, in Texas. Midland, TX is experiencing such a booming shale-oil economy that truck drivers are making more than $100,000. In turn, smaller businesses are forced to either raise their wages or extend hours to retain workers. But, this successful economy has what some say are a few downsides as well. With increased wages comes increased rents and labor shortages in public positions. Regardless, the region’s industry is providing bevy of economic benefits that could last for a very long time, reports the Los Angeles Times.
Midland has an astoundingly low 2.1% unemployment rate due to the success of companies such as Chevron and Aveda Transportation & Energy Services Inc. Thanks to recent technology developments and decreased regulations, a swath of land roughly 75,000 square miles accounts for “30% of all U.S. [shale-oil] output.” Plus, “booming U.S. shale production is fueling record crude oil exports, with shipments reaching an all-time high of 1.76 million barrels a day in April.” […]
