This past year the production of oil in the United States rose by over 990,000 barrels a day. Bringing the total production of oil in the U.S. to around 7.5 million barrels a day. This is great because the more oil we begin to produce on our own the more money we save from importing it from other countries. The demand for this production is also present, not only in the U.S. but in the rest of the world. the consumption in the
U.S alone raised by over 390,000 barrels, bringing total daily consumption to just under 19 million barrels a day. The world consumption of oil also increased by 1.4%.
While some may say that the increasing usage of oil is bad for the environment, etc. It can be argued that the increasing production in the United States will have many benefits, such as providing jobs and reducing costs from having to import more oil.
Is this an area that the United States should focus on to further stimulate economic growth? It seems as though we surprise ourselves with how much oil we are actually capable of producing, so why not try to maximize it and take a larger share of the market?
http://www.nytimes.com/2014/01/25/business/us-oil-production-keeps-rising-beyond-the-forecasts.html?ref=economy
Oil can be a huge money maker for the US economy. We are sitting on the biggest oil deposits in the world and this can be used to export to developing countries such as Brazil. North Dakota is having a huge boom comparable to the gold rush out west during the mid to late 1800's. Small towns are popping up all over due to the influx of workers trying to work on these oil rigs. There are a lot of good jobs being created that are paying very good salaries for those that are willing to work the hard lifestyle that is oil rigging. Not saying that oil should be a dependency because clean energies should become a focus in the movement forward. However oil runs the world and will continue to rule the world until we find an as effective alternative, so as we work on that I don't see why we shouldn't be drilling to create jobs and money for the economy.
ReplyDeleteI agree with John. It is nice to see such growth in this sector of the economy. Coming out of the recent downturn, a stimulus from the private sector will be good for employment and improving our nations net exports. Also since oil is involved in most all areas of the economy, the benefits of this situation should resonate throughout.
Delete