The U.S. Energy Information Administration has reported an increase of 1,003,000 barrels per day (11.8%) year-over-year from 2016, reaching an all-time high for domestic oil production and a significant rebound from the low four years prior. Crude oil prices have been increasing throughout 2017, bolstering the market, as demand has continued to rise and production … Continued
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August of 2017 saw oil production throughout North Dakota rise, with a 3.5% oil production increase and a 2.5% gas production increase month-over-month. North Dakota is the second largest oil producer in the country. In July of 2017, North Dakota alone bumped 1.048 million barrels of crude oil per day. In August of 2017, this … Continued
Offshore drilling is an extremely positive enterprise that has advantages for many involved in the industry. Because of these benefits, many companies are continuing to engage in offshore drilling by growing and expanding. Other companies may be getting involved on the periphery of the industry as well, providing products and services to those within the … Continued
As of October, the United States has seen an increase in the overall U.S. oil rig count, which has, historically, been a reliable indicator of the current success and performance of the crude oil market. A total of 940 rigs were engaged in exploring for natural gas and oil as of September 29th, with an … Continued
Industry analysts are expecting a major leap ahead for U.S. exports. This leap is related to a ramp up in oil production that has now virtually eliminated reliance upon foreign oil and exceeded domestic demand. Through increased oil export, the U.S. is positioned to become a major energy power, and to impact and control the … Continued
Gas prices are going up across the nation, but these prices aren’t due to “big oil.” In fact, big oil has been doing all that it can to provide more oil and affordable oil to the domestic market. Instead, gas prices are likely to go up following substantial disasters that have occurred due to Hurricane Harvey and … Continued
Oil demand has been growing steadily throughout the world with many analysts believing that the demand is going to continue to grow indefinitely. This is important as oil production has been ramping up in the United States and some previously wondered whether this would drop oil prices. The Relationship Between Oil Demand and Oil Prices … Continued
The oil industry has been increasing production substantially, now with an average of 206 rigs through July 2017. Crude oil production has grown by 5.7 percent and is now at 103 barrels per day. Per barrel prices are now at $43.10, which has risen significantly from the sub-$35 prices that were commonplace during the beginning of … Continued
Though offshore oil is often discussed in negative terms, there are actually many reasons to believe that it has an overall (if not overwhelmingly) positive impact on the country. Offshore drilling is a way to boost the country economically, obtain better global positioning, and even help the environment… and all of this relies upon future … Continued