We knew it – Everything’s Bigger in Texas! Yes Sir, the news came out today.
The study was released today by the Center for Community and Business Research at The University of Texas at San Antonio Institute for Economic Development (UTSA)
Click Here for the Report: http://ccbr.iedtexas.org/index.php/Download-document/52-Eagle-Ford-Shale-Final-Report-May-2012.html
This was an update from the earlier study of the same scope released in Feb of 2011. The new numbers blew out the old “conservative” numbers at an unprecedented rate. The Eagle Ford Shale contributed $25 billion in total economic output in 2011.
Dr. Thomas Tunstall, director of the UTSA Center for Community & Business Research said “The Eagle Ford Shale has proven to be one of the most important economic engines in the state,”
“In 2011 Eagle Ford generated over $25 billion in revenue, supported 47,000 full-time jobs in the area, and provided $257 million in local government revenue.”
Other key Eagel Ford statistics:
- $3.1 billion in salaries and benefits to workers;
- $12.6 billion in gross regional product;
- Added $358 plus million in state revenues, including $120.4 million in severance taxes;
- Local Counties realized a triple-digit sales tax revenue increase.
UTSA SAYS THE EAGLE FORD SHALE WILL CREATE 117,000 JOBS BY 2021
“The total number of recoverable reserves for the Eagle Ford shale is still unknown, but there are estimates that it could be as much as 7 to 10 billion barrels,” said Thomas Tunstall, lead author of the study. “That would make it the largest on-shore oil reserve ever discovered in the Lower 48 states.”