Oil Boom in the USA
by Brian Westenhaus
The USA, largest consumer of oil and perhaps about fourth in production has entered an oil boom. Not only is it related to improvements in production technology, but U.S. demand for crude has also fallen. The U.S. is awash in oil. It’s the rest of the world that’s driving demand.
The past 25 years has seen world oil sales increase 50% since 1986. Freeing the communist block has consequences like consumers who can afford an energy-supported lifestyle. The forecast for this year is oil will be used at a daily rate of 89 million barrels a day. The increases aren’t likely to drop worldwide anytime soon.