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Texas Oil Discovery Brings New Businesses
Since drillers began drilling oil at the Eagle Ford Shale development in 2008, the oil field has been a money-making investment for the country. Eagle Ford Shale development stretches long 24 Texas countries from the tip of San Antonio to Laredo. Since the first well was drilled, the Eagle Ford has been producing more than 100,000 barrels a day and is estimated to produce 420,000 barrels by 2015. The oil rush has prompted new businesses from oil companies to nearby restaurants, wanting to reap the benefits.
According to a study done by the University of Texas at San Antonio's Center for Community and Business Research, the Eagle Ford shale area acquired 12,600 new jobs and $512 million in salaries to its' workers. Since oil-drilling has become such a priority, the Texas Railroad Commission is assisting in hiring veterans from its field offices. Oil companies are also hiring workers to supervise drilling in the San Antonio area, and a Canada-based oil services company is currently the largest employer for Cibolo. By 2020, it is estimated that nearly 5,000 more wells will be drilled, adding even more jobs.
Oil workers can make some good money, even for new companies. Entry-level hands start at between $22 and $25 an hour and earn their money by drilling in the mud, no matter the weather conditions. Truck drivers must hold a CDL license and earn between $16 and $20 an hour for driving any kind of mud-drilling truck. Several companies, like Petrohawk Energy Corp and Cisco-based Frac Tech Services have opened branches in Texas and held job fairs, as they were trying to add hundreds of employees.
The oil rush has also brought non-oil rated jobs. The San Antonio branch of the Federal Reserve Bank of Dallas may add over 4,000 due to the economic growth of Eagle Ford. Restaurants, like local steakhouses were booming at lunchtime so that they had to hire extra waiters and hostesses.
David Porter, Railroad Commissioner, said that oil economics are improving as eventually Texas could have 20,000 to 30,000 oil wells being drilled at once. From 2009 to 2010, more than 3 million barrels of oil was extracted from Eagle Ford and in 2010, more than 1,000 individuals wanted permits to drill oil there as opposed to less than 100 in 2009.
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