Oil is the most vital fuel globally, and its global consumption crossed 100 exajoules in 2020. The increasing oil demand is due to many factors. One factor is because of the increase in production more oil is being used. Moreover, an increase in globalization has led to a growth in transportation, which ultimately uses more oil.
Although the US economy is the world’s biggest economy, it also has an energy crisis it has to deal with. Read on to find out about the energy problem and how oil drilling can help solve it.
What is the US Energy Crisis?
The recent Texas power cut is an excellent testament to the crisis the energy industry of the US is facing. The US oil production has decreased from 1.7 million barrels to 1.5 million barrels in 2021. However, this energy crisis has been growing since the 1970s during the economic downturn. The US economy has increased its production at an exponential rate but the energy sector, specifically the oil sector, hasn’t matched this increase leading to a mismatch in supply and demand.
The only way to solve this issue is to by increasing the supply of oil. This can be done in two ways; one is to import oil which is expensive and adds to the import bill or to start drilling for oil in the US. The latter option seems the more viable one.
Can Oil Drilling Solve It?
It’s unfortunate that the US is estimated to have 1.7 trillion barrels of oil but still is facing an energy crisis. The main reason behind this is the lack of oil drilling that takes place. The increase in oil drilling can increase the domestic supply of oil that will have many benefits, including a decrease in the import bill, a decrease in oil prices, and preventing the oil shortage in the market.
The increase in oil drilling will not only assist in solving the energy crisis, but it’ll also create more jobs. Unemployment peaked during the lockdown in 2020, and through an increase in oil drilling, the US economy can target both the energy and unemployment crisis.
Start Oil Drilling Now!
If you’re looking for professional oil drilling services, you must hire experts from TRUEshot LLC. Our team of experts provides directional drilling completions. We have the experience of digging more than 7000 wells. We offer different products and services, including MWD systems, extended-reach tools, and displacement motors. We also have a command center that provides you with real-time data during the drilling process.
Reach out to us now for more information.