Dallas and the petroleum industry have been linked since the discovery of oil near the city in the 1930s. Before the finding, Dallas had been first a center of trade in cotton and grain, helped by the railroad industry, and later became known for its banks, according to the city’s official Web site. With this history, the city was the perfect site for the financial center of the oil industry for Texas and Oklahoma.
Many businesses and corporation began moving to Dallas soon after the ‘40s, helping to establish a building boom in the city during the ‘70s and ‘80s. However, oil companies soon began to relocate to Houston during the 1980s, but it was the city’s strong banking and insurance industries as well as its many businesses that helped sustain Dallas.
The city suffered another big blow in the latter half of the ‘80s when many of Dallas’ banks closed because of the Savings and Loan crisis. The city has since experienced a rebirth from the technology industry in the 1990s.
Dallas is the ninth largest city in the U.S., the third largest in Texas and is one of the country’s 100 Most Ethnically Diverse Communities, according to the city’s Web site. Many companies are headquartered in or near Dallas, among them are ExxonMobil—one of the world’s largest companies—as well as 7-Eleven and Kimberly-Clark. The city is also home to 12 billionaires.
The Dallas-Fort Worth area is currently experiencing air quality issues, as it has been declared a nonattainment area since the ‘90s, according to the Texas Commission on Environmental Quality. In 1996, the region first failed to meet the National Ambient Air Quality Standard for ozone, established by the Clean Air Act, which moved their classification of “moderate” to “serious.” The area did not reach attainment by 1999 either, but the deadline was requested to be extended until November 2007.
According to the Energy Information Administration, the state of Texas leads the U.S. in both crude oil production and refining capacity. Texas has 25 petroleum refineries, which can process more than 4.6 million barrels of crude oil per day, accounting for more than one-fourth of the country’s refining capacity.
The state also ranks highest in the nation in the amount of total petroleum it consumes, which is 1,198,370 thousand barrels. Texas’ consumption of gasoline is 278,350 thousand barrels. There are 16,500 gasoline stations in the state. Reformulated motor gasoline blended with ethanol is required in the Dallas-Fort Worth area as part of its air quality constraints.
EIA information shows the average price per gallon of regular gasoline in Texas for this year is $2.523, not including tax.