This paper empirically investigates the regional economic impact of oil and gas extraction in Texas during the recent shale oil boom. Regressions with county-level data over the period 2009-2014 support smaller multiplier effects on local employment and income than corresponding estimates drawn from popular input-output-based studies. Economic impacts were larger for extraction from gas wells than oil wells, while the drilling phase generated comparable impacts. Estimates of economic impacts are greater in a dynamic spatial panel model that allows for spillover effects across local economies as well as over time. (C) 2015 Elsevier Ltd. All rights reserved.