Texas to Become the Biggest Player in Oil Industry ?

Texas could become one of the biggest players in the oil industry by 2020.

Texas Railroad Commission Chairman Barry Smitherman believes that Texas can become one of the biggest oil producer in the world as the number of drilling permit applications reached the highest level for 30 years and is still continuing to rise.

"This year we are likely to issue more drilling permits for oil than we have since 1985," said Smitherman.

The number of applications increased 18% compared last year. This can be translated to "1.8 million barrels, and will likely move onto 3 million barrels a day in 2017, and 4 million a day in 2020."

Currently, Russia is the world's top oil producer producing 10.73 million barrels each day. If the projection will be true, producing 3 million barrels a day would put Texas on the ninth spot following Russia, Saudi Arabia, US, Iran, China, Canada, Iraq, and the UAE. Producing 4 million barrels a day would make Texas the sixth largest oil producer in the world.

Forbes ran a report boasting Texas' oil industry. The report cited the US Energy Information Agency, highlighting that "United States will likely become the world's largest producer of petroleum products and natural gas hydrocarbons in 2013."