2018 is set to be the year for the oil & gas industry in the United States. In November, U.S. crude oil production broke 10 million barrels a day. This type of oil production hasn’t happened since the 1970s.
The U.S. currently ranks third in the world as the largest oil producer but the Trump Administration would like to see us at number 1. In 2016, OPEC agreed to cut oil production by 4.5% but Russia and Saudi Arabia still hold the first two spots respectively.
What Does This Mean For You?
The U.S. Energy Information Administration predicts U.S. crude oil production will average 10.6 million b/d in 2018 and 11.2 million b/d by 2019. With those types of projections, The US could easily become the number one energy leader by 2020.
With predictions like these, oil & gas companies will need to start hiring a lot of workers. Goldman Sachs predicts 100,000 jobs in the oil & gas industry will be added by the end of the year.
Analysts predict the oil boom will be hottest in Texas, North Dakota, and Colorado. This is great news for oil & gas companies in these states. As companies in these states look for more workers, they’ll be expanding their operations which means more equipment. Heavy machinery like fuel & lube trucks, water towers, fuel trucks, and water trucks will be in high demand as the year continues. They will also have to compete with construction companies as Congress could be voting on a large infrastructure bill in the coming months.