Increase in Petroleum Production Has Positive Impact on Economy

This opinion piece presents the opinions of the author.
It does not necessarily reflect the views of Rigzone.

The dramatic, almost unbelievable, increase in crude oil and natural gas production in the United States has many positive implications for the job creation, the economy in general and national security.

Petroleum economist Karr Ingham pointed out recently that employment in the oil and gas industry in Texas has doubled in the last 10 years from 134,500 in 2003 to 285,000 in 2013, an increase of 112 percent.

Ingham also said that the Texas Petro Index topped the 300 mark for the first time in February finishing at 300.6, which is a 7.6 percent increase over February 2013 of 279.3.

Ingham’s announcement came just after the Energy Information Administration (EIA) said that net oil imports to the US could fall to zero by 2037 because of increased production of unconventional reserves of crude oil and natural gas.

The EIA said the goal of US energy independence could be within reach in 23 years under a ‘high-production’ estimate contained in an update of its periodic energy forecast.

“This is the first time that a case in the Annual Energy Outlook has projected that net imports’ share of liquid fuels consumption could reach zero,” said the EIA.