America Poised to be Top Oil Producers by End of 2020
Growing technological advances and rises in natural gas and oil are quickly earning North America a spot at the forefront of the world’s oil and gas industry. Thanks to the boost in oil and shale gas production, the U.S. has found itself in a true energy renaissance. If current trends in hydraulic fracturing and horizontal drilling continue, the U.S. will become the world’s top oil producer by the year 2020, surpassing even Saudi Arabia.
Despite the recession’s onset, 2008 was a milestone year for the energy industry. More efficient and less expensive drilling technologies spiked a boom in oil and natural gas production. These technological developments have enabled drillers to essentially see through the bottom of rock as if it were transparent and extract the oil more accurately and with more safety.
By 2015, U.S. Oil production is expected to rise to 10 million barrels per day and increase to 11.1 million barrels per day by 2020, outpacing the current top two oil producers, Russia and Saudi Arabia. Although Saudi Arabia has long been the price setter in the global oil markets, it is no longer clear if the kingdom will be able to continue that trend as the U.S. becomes more self-sufficient. It is expected that by 2030, the U.S. will officially export more oil than it brings in.
The oil and natural gas industry is not only beneficial for companies and consumers from a revenues and consumption standpoint; it is creating a multitude of new job openings, and in turn, also greatly helping the staffing and hiring industry. The oil and natural gas industry is significantly contributing to the U.S. economy as one of the nation’s largest employers as well as purchasers of goods. Today, an estimated 9.2 million people are either directly or indirectly employed by the oil and natural gas industry, and that number is only expected to grow. Another 1.2 million U.S. jobs are expected by 2020 and another 3.5 million jobs are expected by 2035 – all stemming from the oil and natural gas industry.
If you are searching for a new job or considering a career change, the energy industry may be the right fit for you. As one of the steadiest job fields during the recession with enormous growth potential, there are few opportunities offering greater job security. If you are looking for more information on careers in the energy industry, please contact the energy staffing experts at FootBridge Energy today!
