Texas could pass both Iran and Iraq next year in oil production as drilling costs fall and production explodes out of West Texas' Permian Basin, CNN reports.
The big picture: By next year, Texas' oil production is set to jump to 5.6 million barrels a day, up from 2.5 million a day in 2014. If Texas were a country, it would become the third-largest oil producer in the world — behind Saudi Arabia and Russia.
- Iraq is producing 4.8 million barrels a day, while Iran is expected to see 3 million.
Yes, but: This oil boom comes with its own growing pains, according to CNN.
- Low unemployment in the state and around the country is making it hard for oil executives to find employees.
- The Permian is "quickly running out of pipelines" to get oil out of the state, forcing companies to turn to rail and trucks for transport.