The Texas Railroad Commission released new statistics for oil production and the Permian Basin is leading the list.
Martin County ranks the number one crude oil producing county in the state of Texas with almost 17 million barrels produced in just the month of September. Midland County is not far behind, just above the 16 million mark, with Upton and Howard Counties coming in at spots three and four, respectively, with more than seven million barrels produced.
Meanwhile, oil prices are slightly up, with barrel costing $69.48. According to Bloomberg, that’s up 87 cents from when markets opened Wednesday morning.
Currently in the Permian Basin, there are 313 rigs up and running, which is down 20% from this time last year.
Gas prices are continuing to fall due to falling oil prices. Right now, Ector and Midland Counties are paying some of the cheapest gas prices in the state. Texas as a whole is also paying the lowest prices across the country.
Lower gas prices is good for thousands of people traveling for the holiday season locally.
Across the country, AAA estimates more than 115 million people will travel 50 miles or more from home during the 10-day holiday period between December 23rd and New Year’s Day. That’s up from last year, with the majority of people are opting for the road trip. Travel is also up at the local airport.