2023-05-30 07:00:00
While not all southern states have yet recovered economically from the Civil War, Texas has become one of the most attractive in the United States. In addition to agriculture, everyone knows that a large part of the wealth of Texas comes from energy, gas and oil: both those which are extracted from its soil, but also the processing of those which come from the platforms of the Gulf of Mexico. “In Texas, everything is big” and, thus, the green energy business is taking on an unexpected dimension in the land of black gold! The State is already the leader in the production of renewable energy, and there are, for example, 150 wind farms (1). But in the file of Time Magazine of May 22, it is estimated at 250 billion dollars the potential annual investment in the energies of transitions and this for the Houston agglomeration alone.
Renewable energies are not yet totally well considered everywhere in the USA, victims of an ideological polarization on the theme of global warming. “If you’re for renewables, it’s because you’re once morest oil”. And, as oil is here an economic divinity… It is therefore easier to carry out studies for the extraction of fossil fuels than for the creation of green energies. But in recent years Texas received a veritable economic shock that was quick to change everyone’s mind when – in part because of its own wealth – oil became a source of yield…. negative. Indeed, contrary to what was predicted and announced in the 20th century, there was “too much oil” on the planet, and it happened that the selling price of a barrel was consequently lower than its production cost on the territory. American: oil therefore sometimes caused Texas (and elsewhere in the USA) to lose money, and in any case it no longer provided the expected income.
What no one can take away from this state is its concentration of engineers specializing in energies, and this is also why its “green” evolution is certainly a fatality. In recent months, President Biden’s “Inflation Reduction Currently” (IRA) has also been an accelerator since it included components on renewable energies, many of which claim to have seen a real economic effect on companies in the energy transition sector. in Texas. Houston startups alone received $1.95 billion in venture capital in 2022, and of that sum, energy-related startups raised almost as much as the next three sectors combined (according to data from the Greater Houston Partnership).
The economic evolutions of Texas are to be put in parallel with a demographic boom. With 30 million inhabitants, Texas is the second most populous state following California, from which it takes a lot of inhabitants and businesses fleeing taxes, the cost of living, and more recently for some the more restrictive politics measures once morest Covid-19 (Texas having been very libertarian on the subject). Before that, the state was gaining 4-5 million people per decade (while California, for example, lost 350,000 people between 2020 and 2022).
Black and/or green… it would seem that Texas is a State of the future!
1 – Let’s hope they don’t spoil the landscapes as much as some wind farms in France (editorial note from the editor).
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