Positive Effects of the Recent Oil Boom

Headquartered in Lubbock, Texas, Standard Energy Services (Standard E&S) provides a number of services for the oil and gas industry including drilling rigs, specialized vehicles, gas busters, and more. Formed by uniting various oil and gas companies throughout West Texas and New Mexico, Standard Energy Services is at the heart of the recent oil boom in Texas.

The thriving industry is a driving force behind job creation, and it has a positive impact on many other industries. The state of Texas was responsible for 49 percent of all new jobs in the United States from 2009 to 2011.

The national picture is not much different. During the recession that began in 2007, every state that increased hydrocarbon production outperformed the national rate of employment growth. The oil and gas industry experienced an employment growth rate of 40 percent from 2007 to 2013, while the rest of the economy experienced a 3 percent decline.

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