Development of the Eagle Ford Shale in South Texas has already created thousands of oil and gas jobs. Experts told lawmakers Wednesday that in less than 10 years, it could bring in more than $90 billion to the State.
The Eagle Ford Shale Legislative Caucus met with lawmakers in Austin. James LeBas, a fiscal conosultant with the Texas Oil and Gas Association, said the shale has already given Texas a financial boost.
"Development of hte shale formation has been a big success, generating $2.5 billion in direct tax revenue to state and local coffers over the last three years alone," LeBas said.
Dr. Thomas Tunstall, director of the Institute for Economic Development at The University of Texas at San Antonio said it will continue to be a big business.
"It has been 25 years since Texas produced this much oil. By 2021, we expect the shale to yield more than $90 billion in total economic output and support more than 116,000 full-time jobs," Tunstall said.
The caucus was founded in 2012. Its goal is focusing on short- and long-term solutions to the impacts of the shale on transportation, education, public safety, environment and other areas.
"We must work with stakeholders to manage our natural resources responsibly, including not only our oil and gas reserves, but also air and water," State Sen. Judith Zaffirini (D-21). "We also must continue to support funding for important transportation projects that enhance commerce and safe travel in Eagle Ford counties."