Texas Oil Boom Drives Up Electricity Prices08:37
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Pumpjacks bob their heads in the sunrise, November 2007, in Penwell, Texas. (Joshua Scheide/AP)
Pumpjacks bob their heads in the sunrise, November 2007, in Penwell, Texas. (Joshua Scheide/AP)

The Texas oil boom that's pumping millions of dollars into the region's economy is simultaneously wreaking havoc on local towns and businesses.

In an ironic twist of energy fate, the electricity needed to power the oil drilling and production equipment is outpacing the ability of local power grids to transmit it.

That, in turn, is causing price hikes of 20 percent or more for some customers and businesses.

Energy reporter Tom Fowler is covering the issue for the Wall Street Journal.

Guest

  • Tom Fowler, energy writer for the Wall Street Journal, based in Houston. He tweets @HoustonFowler.

This segment aired on July 30, 2013.

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