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Alex Mills - '2013 Was A Good Year For Oil and Gas'

Alex Mills, President of the Texas Alliance of Energy Producers

Times Record-News

12 January 2014

As 2013 drew to a close, several reports were released that pointed out last year was an excellent year for oil and natural gas production in Texas and the U.S., which had a positive impact on the economy.

For example, the U.S. Commerce Department released on Jan. 8 data showing that the trade deficit in November was the narrowest since October 2009.

Bloomberg News reported increased production from unconventional sources has created the decrease in the trade deficit. “The shale revolution and increased energy efficiency have pushed the U.S. a long ways toward energy independence in recent years,” Morgan Stanley economist Ted Wieseman wrote in a bulletin to clients. He noted that as recently as 2006, the inflation-adjusted deficit in oil trade was $266 billion. In 2013, through November, it was on track to shrink to $107 billion.

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