It doesn't really tell the whole story if one rig can drill four or six wells on a pad before moving to the next location. Actual footage drilled, wells completed—or better, wells tied into sales—would be more accurate measures of the breadth of drilling activity now occurring each week.

Texas is producing about 1.6 million barrels of oil per day now, a nearly 50% increase since 2011. Total well completions for 2013 through May were 10,437, up from 6,246 during the same period in 2012. That speaks volumes, no pun intended.

Then again, economic impacts might be a good way to go. The increase in severance taxes collected by producing states would be informative, although not every state collects such taxes.

Job creation associated with oil and gas production would be good, but it's hard to measure accurately—do you include two more waitresses at the local diner, or an additional policeman, as well as another engineer, trucker or rig hand?

The Greater Houston Partnership says the Houston region has created more than 487,000 jobs and attracted $36.2 billion in capital investment since 2005. What percentage of that growth is direct oil and gas employment versus associated growth—such as more construction crews coming back to work in a city where houses now sell in 24 hours for more than the listed price, in many cases?

Population growth in key oilfield cities is a good, but indirect, measure. The US Census Bureau said in June that Williston, North Dakota, has been the fastest-growing “micropolitan” area in the US for the past two years. It now averages about 190 new residents per month. I have no idea where they can set up housekeeping in a town already busting at the seams!

“My wife and I actually drove through one of the trailer parks a few weeks ago, and just in that park we counted 31 different states represented, but that's a good thing,” Williston Mayor Ward Koeser told the local NBC TV affiliate.

How about construction cranes per basin?

Out in West Texas, in Midland alone nearly a dozen new office buildings have been built or announced. Chevron recently unveiled plans for two four-story buildings to be located on the city's burgeoning west side, for its 500-plus employees working in the basin, with completion in 2015. Chevron says it will boost its Permian production by 40% over the next five years.

Near Chevron's new campus, separate plans have been announced for the Energy Plaza at Westridge Park, a development that could have as many as five multi-tenant office buildings.

Construction is already under way on Pioneer Natural Resources' $50-million, six-story office building at the ClayDesta office park on the other side of town. It will include a large workout facility, cafeteria and three-story parking garage. When I lived in Midland in 1978-79, I recall that Clayton Williams' ranch hands staged an unusual urban roundup when, on horseback, they pulled down the old drive-in theatre screen at that location, so that ClayDesta could be built in the first place.

Fasken Oil and Ranch, which this spring celebrated its 100th anniversary, has moved into its new two-story building on the west side. Fasken envisions a master planned community that may eventually include single and multifamily homes, office and retail space, parks, trails and possibly, an elementary school. Ground has been broken on an apartment complex and two office buildings already, according to the Midland Reporter-Telegram.

In April, EOG Resources moved into its new three-story office building, where 112 Permian Basin employees will work; the attached garage has room for 215 vehicles.

The proposed Energy Tower project downtown, a 58-story tower with underground parking, is the grandest plan of all. It will include offices, a high-end hotel and convention center, movie theatre, retail shops and restaurants, and high-ticket residences. The building as conceived would dwarf anything for hundreds of miles around. The tallest building in Midland now is about 25 stories.

Even Andrews, Texas, about an hour north of Midland and with a population of 11,500, has had to build a new elementary school because of the influx of oil and gas workers, and it is soliciting bids for another aircraft hangar at the airport.

These communities are all flying high thanks to the vision of oil and gas companies.

In the run-up to US energy independence, knowledge of production, markets and business plans is power. That's why we recommend you attend our upcoming conferences, DUG Eagle Ford in San Antonio on Sept. 18 and 19; the Executive Oil Conference in Midland on Oct. 15; and DUG East in Pittsburgh on Nov. 14-15. Each event will feature producers, analysts and technical companies sharing the latest developments.