Texas – Top 7 Facts About Texas’ Booming Economy

Everything is quite literally bigger in Texas.

Here are 7 facts about the Lone Star State’s booming economy.

1. Texas has the 10th-largest GDP in the world, if it were its own country.

According to a report by the American Enterprise Institute, Texas would have the 10th-largest economy in the world if it were its own country. In 2017, Texas’ approximate economic output was $1.7 trillion, slightly more than Canada’s and slightly less than Brazil’s.

2. Texas produces nearly 40 percent of America’s oil.

Texas produced 37 percent of America’s crude oil, and 24 percent of the marketed natural gas in the U.S., according to the U.S. Energy Information Administration (EIA).

Its 15.94 billion barrel crude oil reserves could fill more than 1 million Olympic swimming poolsaccording to the EIA.

This translates to more than 669 billion gallons of oil. A standard Olympic-size swimming pool holds slightly more than 660,253 gallons of water by comparison, or roughly 1,013,247 gallons of Texas’ oil reserves.

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by bethany blankley
may 14, 2019