It would seem that there is not. From 1990-1999, oil production in Texas fell 37%–quite a drop for the largest industry in the state! Large oil companies moved in and were able to extract crude oil at a much faster rate than smaller oil-ranchers, which quickly and efficiently hamstrung the locally-based oil industry in the state. New technology is in development to squeeze the last few million barrels out of the state, leaving behind a wake of polluted and destroyed land. It’s a shame.
Although Texas’ production is generally declining (but not nearly at the rate quotes in the other answer; from August 2009 to August 201 the decline was just one-tenth of one percent; in other recent months it has been 1% to 4%), the state still has about 4.5 billion barrels of proved reserves. That’s about a quarter of the entire US and definitely the most of any state. Next is the Federal offshore (3.9 billion), then Alaska (3.5).
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