The American people have many reasons to support the expansion of domestic oil and gas production.
Abundant supplies of these key energy resources were critical in helping drive the United States into a world-leading position as an innovator and manufacturer. Without fossil fuels, we never could have put a man on the moon or sent other successful missions into space.
Today, the industry continues to invest heavily in new infrastructure and technologies, which drives economic growth and creates new opportunities for aspiring entrepreneurs and existing businesses. As we discussed in a recent post, companies in the oil and gas sector have significantly increased their capital spending in recent years.
From 2007 to 2012, the industry raised its rate of investment by almost 60 percent. Last year, capital spending totaled more than $450 billion, much of which was dedicated to increasing production levels.
This strong commitment to growth has yielded tangible benefits for the country's residents and businesses. An expanding supply of domestically sourced energy has kept fuel prices and electrical rates relatively low, which ensures organizations and individuals have money to invest in purchasing other goods and services.
This virtuous cycle provides a significant boost to economic development. Furthermore, the industry itself is a major employer. Approximately 9.2 million jobs exist in the U.S. oil and gas industry, according to the American Petroleum Institute (API).
Americans understand the benefits they derive from growing oil and gas production
A new report from the Western Energy Alliance (WEA) highlighted the results of a survey conducted by the Tarrance Group, which found evidence of widespread support for expanded oil and gas development in the United States.
The research firm polled 1,000 American voters regarding their beliefs about a wide range of issues related to the energy industry. Among those who participated in the survey, 78 percent said they support an increase in the pace of oil and gas development, with 63 percent "strongly" in favor. Comparatively, only 17 percent voiced opposition.
The majority of respondents also indicated that they hold a favorable view of "how oil and natural gas is produced in the United States." Only 24 percent said they believe the sector is not well-regulated enough, while more than 60 percent asserted that the industry is subject to either the right number or an unnecessarily high amount of regulations.
In a press release introducing the survey results, WEA President Tim Wrigley noted the disconnect between what the data shows and how the situation is portrayed by the industry's opponents.
"Despite what critics are saying, voters have a favorable opinion of how oil and natural gas is produced in America," Wrigley said. "They believe the right amount, or even too many regulations are currently in place and that individual states are best suited to oversee oil and natural gas development."
With the American people clamoring for more domestic energy development, well operators will need to implement new technologies to achieve maximum output and satisfy demand. Hydraulic jet pumps are particularly sought after.
This powerful, versatile solution allows producers to quickly complete drill stem testing and initiate pumping operations at new sites, or optimize recovery rates at established wells.