Midland, TX is not an average U.S. town. Midland is an oil town. Flying over the area, one will notice a landscape littered with oil pumps. Not surprisingly, the sizable impact of oil and natural gas continues to benefit the local economy.
As I ate lunch in town at a crowded restaurant on a Sunday afternoon, I witnessed a crew of “mudders” stop in to grab some food and then hastily jump back into their trucks, destined for the next oil pump. The fact is, unemployment is not an issue in this town. Midland currently boasts a 3.1% unemployment rate, strikingly less than the U.S. average of 7.6% (U.S. Bureau of Labor Statistics). In speaking with the locals, the demand for teachers, doctors, and construction workers is quite significant. Everywhere I looked, it seemed like the town was flourishing.
According to Strategas Research Partners, the United States is the second largest producer of oil in the world today with a 12% market share. We narrowly trail the Middle-Eastern country of Saudi Arabia, who enjoys a 13% share. Surprised? The International Energy Agency projects that the United States could become the largest producer by 2017. One can’t help but wonder about the immense potential we harbor as a country in the field of energy. The impact it could have on our nation in terms of growth, defense, employment, and tax revenue is profound. Let’s hope that in the near future thriving economic towns, just like Midland, won’t be so hard to come by!