Us May Soon Become World's Top Oil Producer Summery

ECON 201
October 29, 2011
Article Summary #2


US May Soon flummox Worlds Top Oil Producer is by Jonathan Fahey of the Associated Press that was create on the ABC News website on Oct. 23, 2012 at hypertext transfer protocol://abcnews.go.com/Business/wireStory/us-worlds-top- crude-producer-17546493. Saudi Arabia is known for being the worlds biggest producer in oil, nevertheless not the United States. 4 the last four old age straight, the U.S. has change magnitude crude oil outturn, which could overtake Saudi Arabia and Russia as the new worlds biggest oil producer. Even with the surge of production, the U.S will still film to import a lot of oil in the years ahead. Americans use roughly 18.7 million barrels per day (bpd), but could fall by half by the end of the ex due to our advancement in fuel efficient fomite and growth in domestic production. You would think this increase production domestically and relying on imports less would drive prices run through, unfortunately that hasnt been the case. Due to political instability in the Middle east and North Africa and oil demand in developing nations, prices argon anticipate to stay relatively high for the next a couple of(prenominal) years. One the up side, producing oil domestically, importing less and travel our technologies atomic number 18 benefiting the U.S economy significantly.



In several of the states that have increased oil drilling, unemployment rates are far below the internal average. Because of the increase production of oil, steel companies that supply drilling yell and railroads that transport oil are seeing an increase in production. It like a chain effect, because in these energy-producing states, homebuilders, auto dealers, and retailers are all seeing the benefits. Unfortunate, when there is an upside, there is a down side, and with the advancement in drilling known as hydraulic fracturing, there are rising concerns that it contaminated water produced in the process could leak into drinking water. Even so, production is expected to grow from 1.6 million...If you want to get a full essay, differentiate it on our website: Ordercustompaper.com



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