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Vaughn\u202fO.\u202fVennerberg\u202fII (Courtesy photo | Vaughn\u202fO.\u202fVennerberg\u202fII)<\/p>\nThe conflicts in the Ukraine and the Middle East have hit the energy markets hard with many expecting to see a sharp spike in fuel prices as a result, but that hasn\u2019t happened so far.\u00a0<\/p>\n
In fact, oil prices fell sharply June 24, returning to levels last seen before the Iran-Israel conflict.\u00a0<\/p>\n
West Texas Intermediate crude, the U.S. oil benchmark, fell 6% to $64.37 a barrel.\u00a0<\/p>\n
Don\u2019t expect to see that drop in prices reflected immediately at the pump.<\/p>\n
On June 26, the national average for a gallon of regular gasoline was $3.22, 2 cents higher than last week and 27 cents cheaper than this time last year, according to AAA. The average in Texas is $2.82 per gallon.\u00a0<\/p>\n
Texas continues to play a key role in the nation\u2019s and the world\u2019s energy markets.\u00a0<\/p>\n
According to the Texas Oil and Gas Association\u2019s estimates, Texas crude oil production remained steady at 5.7 million barrels per day in May 2025, while natural gas production reached a record 34.4 billion cubic feet per day.\u00a0<\/p>\n
In March, Texas exported $19.8 billion in energy products, a 2.6% increase year-over-year. Europe received 61% of Texas liquified-natural gas exports and 40% of crude oil exports.<\/p>\n
From January through May 2025, Texas accounted for 42.2% of total U.S. crude oil production and 29.2% of U.S. marketed natural gas production.<\/p>\n
Vaughn\u202fO.\u202fVennerberg\u202fII (Courtesy photo | Vaughn\u202fO.\u202fVennerberg\u202fII)<\/p>\n
One person involved in helping increase the state\u2019s share of the energy market is longtime Fort Worth oil and gas executive Vaughn O. Vennerberg II. He was a former president and founder of Fort Worth-based XTO Energy who helped turn the company into the nation\u2019s top domestic gas producer before it was eventually acquired by ExxonMobil in a $41\u202fbillion acquisition in 2010.\u00a0<\/p>\n
\u201cA lot of the gas produced in Texas is actually exported, and that eats up a pretty good chunk of what we produce,\u201d he said. \u201cThat\u2019s a good thing, because you may be exporting that gas, but the revenues are generally staying in Texas.\u201d\u00a0<\/p>\n
But there is still plenty for Texas consumers, businesses and power generation, he said.\u00a0<\/p>\n
\u201cWe produce a lot of dry gas, and that\u2019s an even better gas because you don\u2019t have to do much to it,\u201d he said. That gas is sold to consumers for industrial uses and for energy production.\u00a0<\/p>\n
New data from the Texas Workforce Commission indicates that oil and gas employment related to drilling and production climbed by 2,200 in May compared to April and by an increase of 3.6% through the first five months of 2025.\u00a0<\/p>\n
Vennerberg said while much of the production is taking place in West Texas, Fort Worth benefits from all that activity.\u00a0<\/p>\n
\u201cOne reason XTO remained headquartered in Fort Worth was that people wanted to live here, and that\u2019s still the case,\u201d he said. \u201cYet, we still had access to West Texas and to our properties in East Texas. Fort Worth is seeing a lot of benefit from this increase in Texas production.\u201d\u00a0<\/p>\n
Banking on wheels\u00a0<\/strong><\/p>\n First Bank Texas has rolled out a high-tech mobile banking branch across North and West Texas. The mobile branch will bring full-service banking and financial education directly to communities \u2014 from senior centers and schools to sports events and emergency response zones.<\/p>\n First Bank Texas cut the ribbon on the new mobile branch at its Willow Park location.\u00a0<\/p>\n The bank on wheels is more than just a rolling cash dispenser. The high-tech mobile branch comes outfitted with full-service account support and instant-issue debit card printing \u2014 including mascot-branded cards at athletic events \u2014 as well as real-time video banking when more in-depth support is required.\u00a0<\/p>\n First Bank Texas has locations in Bedford and Grapevine, as well as in 12 other locations around the area.\u00a0<\/p>\n Pizza from the sky<\/strong>\u00a0<\/p>\n DoorDash and Flytrex have launched drone delivery services in the Dallas-Fort Worth area. So far, drones are serving customers in parts of Little Elm and Frisco from dozens of local and national restaurants.\u00a0<\/p>\n This marks Flytrex\u2019s first third-party app integration, enabling customers to place orders directly through the DoorDash app. Eligible customers can select drone delivery at checkout, with orders prepared at restaurants and flown to their homes. The service currently reaches over 30,000 households and the company promises more sites in the area soon.\u00a0<\/p>\n Currently, Flytrex drones can carry up to 6.6 pounds and next-generation models will increase capacity to 8.8 pounds.<\/p>\n More pickleball!\u00a0<\/strong><\/p>\n Fort Construction has announced it is the general contractor for a new pickleball center in Fort Worth: City Pickle USA. This facility is part of a 148-acre mixed-use development known as North City, located near Interstate 35W, Highway 287 and North Tarrant Parkway and near the Andretti Indoor Karting & Games.<\/p>\n The site will have 10 indoor courts and six outdoor courts as well as a sports bar, a pro shop, a gym, a private party room, locker rooms, an infrared sauna and a cold plunge. According to information filed<\/a> with the state, the project will cost $2.8 million.\u00a0<\/p>\n Tax breaks, part II<\/strong><\/p>\n On June 24, the city of Fort Worth approved<\/a> tax breaks for Wistron Corp., a Taiwan-based electronic manufacturer looking to open plants to support Nvidia\u2019s artificial intelligence efforts.\u00a0<\/p>\n Wistron is considering two plants valued at $687 million and creating 888 jobs in north Fort Worth, but other cities are also competing for the plants.\u00a0<\/p>\n Denton County commissioners are expected to vote on tax breaks at their July 8 meeting.\u00a0<\/p>\n Do you have something for the Bob on Business column? Email Bob Francis, business editor for the Fort Worth Report, at bob.francis@fortworthreport.org.<\/p>\n At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here<\/a>.<\/p>\n \n\tRelated\n<\/p>\n Fort Worth Report is certified by the Journalism Trust Initiative<\/a> for adhering to standards for ethical journalism.<\/p>\n Republish This Story<\/p>\n
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