The election may be over, but officials in the United States are still calling for drastic measures to take place in order to boost domestic oil production.
As the economy's trajectory remains uncertain and gas prices continue to fluctuate, we keep searching for alternatives to power our machines. Renewable energy is a popular topic and many leaders are behind the increased adoption of technologies such as wind turbines and solar paneling systems over the long term. However, in order to fuel economic growth in the present, we must ensure that we are harnessing the power of modern oilfield equipment to increase the rate at which we can safely extract our oil reserves.
An article in The Albany Herald examines the history of oil prices and how slowdowns in production have drastically altered the cost of a barrel. The piece argues that if oil prices remain high, the nation's energy producers will be compelled to continue increasing domestic production.
"The U.S. oil, however, isn't as easy to obtain as it was when massive pools of crude oil were pumped from underground," the article says. "The rise in the price of a barrel of crude, which was in the $20s a couple of decades ago, to the $90-$100 range has made the more expensive method of obtaining it from shale cost effective. As long as crude prices stay over $75 a barrel, experts say, domestic oil drilling will continue to grow."
Regulatory measures might make some impact, but ultimately the rate of oil production is controlled by the producers and their extraction operations. Procuring the proper oilfield equipment is essential and companies that invest in the best solutions will get the strongest return on their investment.
Artificial lift solutions help by speeding up the extraction process, as can hydraulic pumps. Regardless of the specific situation, oilfield technology providers can offer the right solutions to increase productivity.