LUBBOCK, TX (KCBD) - Midland's economy has seen big benefits from their oil and gas boom. Could the same thing happen in Lubbock?
On Friday, the Lubbock Economic Development Alliance hosted a luncheon exploring the possibilities. Experts from the Permian Basin Petroleum Association teamed up with Texas Tech University for "Drilling Down" a look at Lubbock's future in the oil and gas industry Friday morning at the Texas Tech Club. Dr. Ron Kendall with Texas Tech says a increase in production is coming.
"With improvements in hydraulic fracturing, it's opening a lot of oil and gas discovery in West Texas. We're seeing a lot more development, even in Scurry county," Kendall said.
Experts say there is no sure way to know if we'll see a boom, but they don't believe it will be as big as Midland's. They say testing is constantly being done to search for hydrocarbon zones in the earth. John Cristmann is the Vice President of Apache Corporation, whose wells cover the Permian Basin.
"Drill down, test what the productivity is going to be with oil and gas and what they'll produce," Christmann said.
There are positive signs, especially near Snyder, but absolute results could take years. Experts believe positive effects will be seen in Lubbock regardless, and that economically, it's a win-win situation.
Councilman Todd Klein embraces the changes even if it means just getting some extra business from the Midland boom.
"It makes the area more competitive in a world in which the best and the brightest are looking for a place to make a living. We're going to capitalize on that because we get sales tax and get entertainment and sometimes they'll come up and stay for a game," Klein said.
The issue of hydraulic fracturing was also discussed. The experts say it's the best way for Lubbock to reach their highest potentials in the oil and gas industry.