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Houston thrives on Oil and Gas
By Dori Wind
www.Fortbendstar.com
The next time you fill up your car and curse the $70.00 price tag, also say a prayer of thanks that you live in the Houston area. According to William R. Gilmer, Officer in charge of the El Paso Office for the Federal Reserve Bank of Dallas, Houston is weathering the current national economic storm much better than the rest of the country. Gilmer monitors the economic status of the 11th region of the Federal Reserve Bank System, which includes parts of New Mexico and Louisiana, and all of Texas. The economic information on all regions is presented at the Open Market Committee Meetings where the federal interest rates are determined.
Gilmer explains that, “the reason Houston is doing well and what sets it apart from the rest of the country is oil.” He continues that the brain power – the expertise and the experience- to be able to find, refine and use oil and gas in our everyday life resides within the Houston area. This knowledge and experience are needed both nationally and internationally. Gilmore says, “It all starts in Houston.”
Houston is home to many major oil companies, refineries, oilfield construction and service providers, and equipment suppliers. Sugar Land has ties to the oil and gas industry through Fluor Corporation, which provides engineering, procurement, construction, and maintenance services; Schlumberger, which is the world’s largest oilfield services corporation; Nalco, which develops and provides specialty chemical services and applications for oil exploration, production and refining; and through other smaller independent companies.
“We are at the highest oil prices, and the most international exploration activity since 1985,” states Gilmer. This is also true for domestic prices and natural gas activity.
Tom Zachman, Vice President of Houston Operations, Energy & Chemicals with Fluor echoes Gilmer’s explanation regarding the activity in the oil and gas industry. He confirms that “Fluor is currently experiencing tremendous growth fueled by our client’s significant expansion in their oil and gas operations in this country and internationally.”
Fluor is currently holding job fairs in the Houston area and expects to add 800 new jobs in the Sugar Land office in 2008. Gilmer notes that about half of Houston’s workers work in the oil and gas industry. He further reflects on Houston’s healthy economy by explaining that jobs not directly related to the oil and gas industry support the industry.
Restaurants, dry cleaners, grocery stores, drug stores, retail stores, housing and other businesses are necessary for the oil and gas workers. And of course, these businesses can all be affected by a strong or weak economy. Gilmer points out that statistics provided by the University of Houston show that jobs increased in the Houston area by about 4% last year. He equates this job growth “to creating a whole new small metro area within the Houston area.”
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