South Texas is a good place to grow olive trees

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There are about four olive oil processing plants in Texas. In 2013, Texan farmers planted about 500,000 olive trees, which are more than the 80,000 trees alive in 2008, according to figures from the Texas Olive Oil Council.

But the oil and gas sector in Texas is far from numb.

Natural gas production is still running at about 5 billion cubic feet per day, but it’s about a billion barrels per day of oil and more than 200,000 barrels each day of condensate. There’s an estimated five to 10 billion barrels of oil left there, he said. But the price of oil has sunk to about $40 per barrel — something that’s been largely reflected in low gasoline prices at the pump.

The cost and time it takes to drill a well in Texas has shrunk since the boom began and it’s a diverse market. It takes about 77 different companies to total 75 percent of the oil output versus one producer in Brazil or only three firms in China. The Burgos Basin in Northern Mexico has few drilling operations inland but the country has opened permits to outside companies already.
Tunstael argued that if Mexico hadn’t made the drastic move, they would have run out of reserves.

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