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Oil field in McCamey, ca. 1930. The known petroleum deposits of Texas are about 8 billion barrels (1.3 × 10 9 m 3), which makes up approximately one-third of the known U.S. supply. Texas has 4.6 billion barrels (730,000,000 m 3) of proven crude oil reserves. [15]
The Galveston Bay Refinery is an oil refinery located in the Texas City, Texas Industrial Complex on the edge of Galveston Bay.It is the largest oil refinery in North America with a capacity of 631,000 barrels per day [1] and has been owned and operated by Marathon Petroleum Corporation since 2013.
The Texas Oil and Gas Association (TXOGA) is a industry group representing the petroleum and natural gas industries in Texas. Texas is the biggest producer of fossil fuels in the United States, account for 41% of crude oil production, 25% of natural gas, and 31% of refining capacity. [1]
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The economy of Houston is based primarily on the energy industry, particularly oil.However, health care, biomedical research, and aerospace also constitute large sectors. In 2021, the gross domestic product (GDP) of the Houston–The Woodlands–Sugar Land metropolitan statistical area (MSA) was 537 U.S. dollars billion, the fourth-largest of any metro area in the United States. [1]
Texas counties by GDP in 2021 (chained 2012 US$) The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.694 trillion as of 2023. [7] In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. [8]
HOUSTON (Reuters) -Two people were killed in a chemical release at Pemex's 312,500-barrel-per-day (bpd) Deer Park oil refinery in Texas, the county sheriff said. Up to 35 people at the refinery ...
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]