“The largest component of Houston’s exports, accounting for a third of the total at $37bn, is petroleum and coal products, reflecting soaring US sales of products such as diesel, petrol and liquefied petroleum gas, which more than doubled between 2007 and 2012.The second-largest category of Houston’s exports is chemicals, worth $31bn last year, which benefited from cheap natural gas used as a raw material for many commonly used products.”
In 2012, Texas boasted the fastest-growing economy of the 50 states, expanding by 4.8 percent. If Texas were a country, its GDP would be 14th largest in the world. This economic success has many sources, but the energy boom looms largest among them.America has been blessed with abundant shale resources, and Texas is more blessed than most. But its success cannot be attributed solely to geology—unlike resource-rich states like California, Texas has implemented the right policies to encourage drilling and make the most of its resources. Houston is a great example of the power of brown jobs and brown energy, and an important model for other energy-rich states looking to emulate its success.
[Pipeline image courtesy of Shutterstock]