It’s been a bang-up year for the United States’ oil and gas industry. Since a January report from the US Energy Information Administration stated in no uncertain terms that the United States energy infrastructure was poised to change the world, the domestic oil and gas industry has seen a boom unprecedented in the industry. In the short six months since the EIA’s announcement, the United States has ramped up production to such a degree that world energy powers like Russia and Saudi Arabia will soon find themselves outpaced.
The Good News About US Oil and Gas
Industry insiders felt the oil and gas industry rumble to life in the closing months of 2017. A collective sigh of relief could be perceived as the sector began to pull out of a three-year nosedive. Then, in January of 2018, the US’ independent energy statistics agency, the EIA, released a monumental report.
Praising the “noteworthy resilience of shale gas” in the United States, the report stated that the industry’s ability to weather the downturn, combined with groundbreaking technological breakthroughs would enable “United States oil and gas output in 2040 to a level 50% higher than any other country has ever managed.”
Recent Politics Are Good for Business
The United States oil and gas industry has also been feeling the favor of the developing geopolitical scene in recent months, as well. As Russian and Iranian companies watch potential customers dry up, the United States’ is appearing as an increasingly efficient, cost-effective, and — perhaps most importantly — stable option in the global marketplace.
Perhaps that’s why Japan meets its rising need for liquid natural gas by turning to the United States. In April, the country took receipt of its first shipment, a promising step forward in the quest to “power millions of Japanese homes and businesses” with United States LNG.
A Thriving Oil and Gas Industry Is Good for Everyone
As the United States has climbed the rungs of the international oil and gas market over the last seven years, the economic benefits have been immeasurable. At the moment, the industry is attracting millions of potential investors, money that filters out to sectors of every stripe.
That means more jobs, more income, and more tax revenue.
According to the EIA, we’ve only begun to feel the benefits of the United States’ oil and gas boom, but if the initial estimates are any indication, the future is looking very bright.
