The Oil And Natural Gas Industries - 1686 Words

Around the globe, the oil and natural gas industries are a major part of stable and growing economies, as well as, the individual lives of most people. As individuals we use it to run our vehicles, heat our homes, cook, and much more. Economies, on the other hand, rely on the oil and natural gas industries for the jobs they create, the product they supply, and the added value created by government revenues. In 2011, these industries in the United States made up 5.6 percent of the nation’s total employment, providing $394 billion in labor income (6-15, American Petroleum Institute). They also contributed an estimated $410.3 billion to the nation’s economy through wages, capital spending, and dividends totaling 7.1 percent of the United States’ gross domestic product (GDP) (25-26, American Petroleum Institute). Those percentages may not seem like much alone, but when you consider that one industry, out of hundreds in the United States, makes up those numbers, they seem a lot larger. During the 1990’s, oil and natural gas production had hit a snag spreading worry that the U.S. would become reliant on foreign imports (Inman). One of the world’s leading countries in the industry were beginning to fear the end of a resource that they relied so heavily on. As traditional oil and gas endeavors began depleting their resources the oil and natural gas industries were forced to find a new source of extraction if they were to continue producing fossil fuels at the same rate. This newShow MoreRelatedThe Oil And Natural Gas Industry On The Us Economy905 Words   |  4 PagesOil Products The demand for natural resources and other earthly materials continue to rise exponentially throughout the world, especially due to rising populations. Some issues that are in support of fracking include having the opportunity to access an alternative source of fuel, creates more jobs in the oil and gas industry, lowers taxes for Americans by using domestic oil, helps to make certain countries less dependent on others for their resources, stimulates the economy, and also helps to improveRead MoreThe Impact of Oil and Natural Gas Industry in Oklahoma999 Words   |  4 PagesThe main thing in natural gas is methane. Millions of years ago, decaying remains of plants and animals piled up into thick layers. This stuff is called organic material (it was once alive). Over time, the sand/silt changed to rock, covered the organic material, and trapped it beneath the rock. Press/heat changed some of it to coal, oil, and natural gas; tiny little bubbles of odorless gas. Geologists, study the structure and processes of the Earth. They locate the types of rock that mightRead MoreInformation About Oil And Natural Gas Extraction Industry1373 Words   |  6 PagesSeptember 18, 2014 Subject: Information about Oil and Natural Gas Extraction Industry This Report requested by the principal financial investor, Dr. Maria D. Davidson, includes information required to make an informed decision on whether or not to diversify into the Oil and Natural Gas Extraction industry. The Oil and Natural Gas Extraction industry is involved in the processes required to find and extract crude oil and natural gas. The Oil and Natural Gas industry has performed well in recent years despiteRead MoreChesapeake Energy Operates Under The Natural Oil And Gas Industry878 Words   |  4 PagesClients Industry and Industry Risk Chesapeake Energy operates under the natural oil and gas industry. While government’s economic data may separate operations within this industry, the industry covers a broad range of activities and is separated into three segments: upstream, downstream, and midstream. Activities within this industry by oil and gas companies include exploring for crude oil or natural gas, drilling into wells, and such transportation of oil and natural gas. Just as any other industryRead MoreOil Drilling and Gas Extraction Industry in the US Analysis1242 Words   |  5 PagesConnor Sims, Associate SUBJECT: Oil Drilling amp; Gas Extraction Industry in the US Analysis (21111) This report presents information regarding the industry, the primary operator of oil and gas field properties. The industry fuels its key buyers, the Natural Gas Distribution (22121) and the Petroleum Refining (32411) industries, with crude oil and natural gas. The industry continuously battles a shortage of available oil. In addition, many major oil fields have been in use for decades, slowlyRead MoreThe Economic Report On Fracking, Is It Worth It?1465 Words   |  6 Pagesforeign oil and natural gas has created a vulnerability affecting our national security and economic stability. Up until this past decade there was an appreciable decline in our oil and natural gas production in the US and we were tied to world market price fluctuations. Oil prices and natural gas prices rose and fell based on OPEC’s and other large oil and natural gas producers’ production and pricing decisions. Beginning in 2005, things began to change in the US oil and natural gas industry. N ewRead MoreGranite Oil Corporation Case Study1336 Words   |  6 PagesExecutive Summary: This report outlines Granite Oil Corporation’s key strategic objectives and mission for value creation, external environment, organizational design, its competitive advantages, applications to course material and comparisons to other similar companies it is in competition with. Table of Contents Introduction Granite Oil Corporation is a relatively small public corporation dealing in exploration for andRead MoreAmerica s Need For Black Gold1221 Words   |  5 PagesBlack Gold In 1973, in the wake of conflict in the Middle East, US drivers were feeling the repercussions with every gallon of gasoline and oil that they consumed. The members of OPEC placed an oil embargo on the US and several other nations because of their aid to the Israeli military. This embargo greatly pressured the US, who was highly dependent on foreign oil. In the aftermath of this crisis, President Nixon called for the increased energy production to avoid this problem in the future. Yet, inRead MoreOverview of the Natural Gas Industry1714 Words   |  7 Pagesï » ¿Natural Gas Industry Employee Cover Letter I am currently working as a natural gas regulator assistant inspector on a full-time basis. Basically this position required me to work in a formal apprenticeship, and I was trained and became familiarized with all the important particulars of this job. What my trainers made very clear to me is the importance of workers in the natural gas industry having a deep understanding of all the implications relating to safety. There have been some catastrophicRead MoreOil Prices And The World Wide Recession1301 Words   |  6 Pagesother, companies industries, like mobile device production, Social Network Service and cigarette production, somehow managed to survive and have been doing great performances so far. Many industries prospering and emerging, are industries with high technology products with online services. To be specific, thanks to technology in the oil industry, there was the incredible method to get oil such as sail oil, which made a big change in this industry. According to an article of oil price, the U.S crude