Texas Leads the Nation In Total Energy Production
Since the discovery of the Spindletop Oilfield in 1901, Texas has been a hub for energy production in the U.S. The Texas energy industry is made up of three sub-industries:
- oil and gas exploration and production
- electric/coal/nuclear power generation
- renewable and sustainable energy generation
Texas’ success in energy production is due to its natural resources and geography, qualified labor force, exceptional transportation systems and leadership in environmental research.
Texas has its own grid which allows its electrical transmissions and energy development to be independent from federal regulation.
With two of the largest wind farms in the western hemisphere, Texas ranks number one in the nation for installed wind capacity with 12,335 MW.
The energy industry is crucial to Texas, contributing over $172 billion to its economy. Overall Texas leads the nation in total energy production, biodiesel production capacity, and solar energy potential.
Nice work, Texas.
If you are conducting business in this industry you should absolutely be taking advantage of the R&D tax credit, both federally and locally. Most activities performed in the energy production industry satisfy the IRS’ 4-part test and therefore qualify for the R&D tax credit. Contact a Swanson Reed specialist for more information or take our eligibility test online today.