The United States imports a substantial amount of oil, with an estimated 13 to 15 million barrels imported each day. People in the country need to have gas to run their vehicles, and they need oil for heating. The country uses a substantial amount of oil each year in order to maintain the current lifestyle. Of course, all of that importing means the country often puts itself at the mercy of other nations out there in terms of pricing. The nations that supply the majority of the oil could increase the prices or cut off supply. The United States has increasingly become disturbingly dependent on foreign oil.
There is no shortage of oil and gas in the United States, and this means that it truly is possible to cut dependency on those other nations, as long as there are changes to the current regulations and restrictions. This does not mean that the regulations should entirely disappear, but that they need revisiting. New technology and techniques mean that it may be possible to extract gas and oil in a safer and environmentally sound way. The country does not have to rely solely on domestic oil, but by supplementing with it, it can provide a number of benefits.
First, it provides increased energy security, meaning the country will not face gas and oil shortages or outrageous prices at the pump just because overseas production might slow down for a while. Second, it will mean the addition of a number of other jobs to the market. While the unemployment rate is slowly dropping, the country can always use more jobs. The creation of jobs, even though they may be relatively short term, could be a huge boon to the country.
Finally, consider that the United States could actually start to export more oil and gas as well, which could be good for the overall national economy.
These are just some of the benefits of domestic oil production. By ensuring proper care of the environment with better techniques, companies can alleviate the fears that many environmentalists may have when it comes to oil production.
About OWI
Oil Works, Inc. is a complete drilling rig manufacturer and service provider based in the Permian Basin for over 20 years. OWI’s product and service offerings include Derricks, Substructures, Drawworks, Mud Systems, Walking Systems, Power Generation, Control Systems, Iron Roughnecks and complete Rig Solutions built to API and ISO standards. OWI is also proud to offer 24/7 Service and Support.
