Is There Really an Oil Boom Happening?
There is always conflict regarding the stability of oil and gas. Is there really an oil boom happening now?
While some insist that there is an oil and gas crisis, as there is such an incredible demand, others proclaim the validity of oil booms across the world. Despite the critics, oil wells are being discovered and profits are not slowing for those taking advantage of the oil boom. The oil boom is only one reason of many why investing in oil and gas is worthwhile.
Texas Oil Boom
Texas has been known for their oil production and is currently dominating the oil boom. With a solid infrastructure and favorable investment environment, profits are bound to be discovered within the refineries and shale fields. Taxes are also not as high as in other states, which makes oil production even more lucrative.
North Dakota Oil Boom
However, Texas is not the only domestic area reaping the benefits of an oil boom. North Dakota has been in the spotlight, with oil finally accessible with the new drilling technology referred to as hydraulic fracturing. This area is now responsible for a large percentage of the growth in domestic oil production, providing further proof that the oil boom is no myth.
This oil boom is changing global dynamics, pushing domestic investments far ahead of foreign investments. Exports are hitting record highs each year as the domestic production of oil and gas increases, with Texas producing more crude oil than Iran. This transition is paving the way for investors who are seeking profitable ventures, in a time where the entire world is turning to the United States for its supply of oil and gas.
What is important to remember about the current oil boom is that revenue is only expected to increase for the next several years. The United States is expected to remain the world’s leading oil-producing nation, expanding from the gains already seen in the previous year. The next few years are a crucial time for investors, who should be capitalizing on this oil boom now to greatly benefit later. This is not an oil boom that will be collapsing any time soon, and the moment for investment could not be better.