Oil is an indispensable resource in our society. In fact, the United States alone uses an estimated 21 million barrels of oil per day. Whether you know it as oil or petroleum, there is no denying that we use a lot of it. In this, we are not alone. Petroleum is used in any number of products, from lipstick to medicine. In the United States, however, gasoline is inarguably the most heavily used petroleum product. As it stands, the United States uses more gasoline than Africa, Asia, South America and Europe combined.
World’s Largest Oil Producer: U.S.
The United States does not just use oil, they also produce it. The United States now accounts for more than 10% of global oil production. In 2014, the United States remains the largest producer of oil, surpassing both Russia and Saudi Arabia. This increase in production has been beneficial for the United States. Job creation, better wages, increased revenue and debt reduction are just a few of the side effects of increased oil production. In addition, the amplified production serves to stabilize the global market.
Moving Away from International Dependency
One of the largest benefits of increased oil production in the United States is that it lessens the dependence on foreign oil, namely the oil coming out of the Middle East. It is estimated that in the next ten years, the United States will cut their reliance on foreign oil in half. There are even predictions saying that the United States could terminate all dependence on oil from the Middle East in as little as 20 years.
While it still remains to be seen if these predictions come true, there is no denying that oil production has been valuable for the United States.
U.S. Energy Companies are Expanding
Many energy companies in the United States are now merging and expanding into other territories. Recently, independent gas exploration company Cunningham Energy, purchased rights to a large oil field located in West Virginia. The company’s primary focus is acquiring, exploring and producing oil. They have recently taken advantage of the increased production of oil within the United States.
Eagle Ford is a massive oil reserve located in Texas that has continued to expand since it was drilled for the first time in 2008. Since then, oil companies have continued to extend the productive area. Eagle Ford is currently considered one of 7 most prolific areas for oil production in the United States.