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Production set to grow at a record-breaking rate

A pumping device used in Oil Production

Production of domestic oil is growing at a record-breaking rate, with many analysts anticipating continued growth within the market. Not only is the domestic market growing and providing more energy independence, but the United States is also becoming a major player in the global oil market. Reports now show that the United States is set to eclipse Saudi Arabia in terms of production growth, due to the increases in shale gas and oil.

United States Production Continues Unhindered

Throughout 2017 the United States oil and gas production numbers continued to grow, especially following the pullback of Saudi Arabia in the market. Between 2010 and 2025 it’s believed that the United States will increase its oil production by 8 million barrels per day, which doesn’t just beat out Saudi Arabia’s current production but also its record production numbers. This means that the United States will soon be producing more oil than Saudi Arabia did even at its peak.

In addition to producing much more oil, the United States has remained committed to improving upon its shale gas techniques. Shale gas is easier and more affordable to produce than the other types of gas and oil reserves that other countries have, which mean that as the technology grows, it becomes more difficult for other countries to keep up in production. North America is one of the major sources of shale oil and has consequently been able to out-produce many traditional oil resources.

Gas Prices and Energy Prices Will Fall

As oil production increases throughout the United States, the United States will no longer need to pay expensive prices for energy from outside of the country. This increase in energy dependence is contributing to falling gas and energy prices, which is overall good for the economy. Gasoline prices are now similar to where they were at in 2000, before oil and gas began its climb and increased prices. Low gas and energy prices mean low cost of transportation, low cost of shipping, and low cost of manufacturing and consumer goods.

Every industry and every sector is expected to be able to take advantage of lower gas prices and lower energy prices, and as energy production increases (and the United States begins exporting energy as well), it’s likely that the economy will dramatically improve as a direct result. This all means that the oil and gas market is likely to continue growing and the oil and gas prices are likely to remain extremely low.

Companies that have an interest in the oil and gas market would do well to start investing in growth. Tiger General LLC has provided high quality, American-made oil field equipment since 1925, offering only the best in technologies such as swab master rigs. Contact Tiger General LLC today for a quote on new, used, and reconditioned oilfield equipment.