As the nation continues to try to find its footing and put people back to work, increasing domestic oil production may be the key to adding jobs and improving the United States' economic standing.
Technological advancements will continue to increase energy demands. Today's homes and offices are filled with more innovative products than ever before, which means that oilfield producers will be tasked with the responsibility to meet growing energy demands.
According to a report from IHS CERA, the energy boom is expected to continue through 2035, adding an additional 3.5 million jobs in the domestic oil industry. Moreover, capital expenditures are expected to reach $5.1 trillion by this time.
The report breaks down the growth of domestic production over the next 23 years and projects that tight oil production will rise from roughly 2 million barrels per day in 2012 to 4.5 million in 2020 and beyond.
An article in The Dallas Morning News discussed the trends highlighted by the report and the implications for the local market. Contributor Jim Landers, the author of the article, said that domestic production growth will help many areas that rely on oil for economic viability.
"Texas is a major beneficiary of this trend, with oil and gas production rising in the Permian Basin and the Eagle Ford and Barnett shale deposits," Landers wrote. "While oil imports still account for more than $300 billion of the nation's almost $700 billion trade deficit, the report says that the number is quickly falling as domestic production rises."
Increased spending and job growth indicate positive signs for the industry, but in order for this to be sustainable, companies must invest in proper oilfield equipment. Using tools that streamline the extraction process and build efficiency into oilfield operations can help producers ensure that they are able to capitalize on emerging industry growth.