The World Without Oil

“…modern civilization would collapse in a matter of months if oil stopped flowing.” –Ryan Carlyle, Forbes 

Oil has dominated the world over the past decades. Without it, nothing would power all kinds of transportation that human beings use and nothing would generate heating and electricity. Although electric-powered vehicles have been emerging recently, these constitute only a miniscule of commonly preferred modes of transportation. Oil is tremendously significant in human’s primary energy supply and in the world’s GDP as well. According to an article from Forbes, it is impossible to run a modern economy and operate a modern military without oil. 

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History also shows how much the world relies on oil. BBC published an article explaining how oil became an important commodity through the years. During World War I and II, oil played a big part in defending nations through fueling warships and tanks. 

United States of America is the largest oil consumer in the world. China comes in second and Japan comes in third. These countries consume millions of gallons of oil to sustain their economies. 

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Oil eats up a significant portion of the employment sector, too. The oil and gas industry have created thousands of jobs. Without oil, a sizable population will lose their jobs and consequently, a substantial portion of national income.

Primera Energy LLC is a company that strives to provide the country with oil and gas through innovative strategies. Brian Alfaro is the CEO and founder. To know more about oil and gas industry, visit this this page.

US oil production at its finest since 1972

In 2008, the United States was producing an estimated four million barrels of crude oil per day and importing more than twice that amount from other countries. This oil was then refined into useful substances such as gasoline, kerosene, heating oil and other products. But, even though the country produces a lot, it is not enough. To keep up, oil companies keep looking for new sources of petroleum, and improving ways of extracting oil from these.

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Since 2008, US crude oil production has been seeing a steady rise, 80 percent to be exact, and it is forecast to reach its highest level, since 1972, in the coming year, according to U.S. Energy Information Administration gave the forecast.

The United States has already overtaken Saudi Arabia and Russia in crude oil production this year, when the country has already reached 11 million barrels of oil produced daily, just in the first quarter.

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The reason behind this surge can be found in Texas and North Dakota where shale formations provide the best locations for oil extraction. Oil companies split rocks using high-pressure liquid. This process is known as hydraulic fracturing, or fracking. Texas and North Dakota are now responsible for almost half of the total US oil production.

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With the conflicts in Iraq continuing to affect oil production and oil supply rising locally, it is expected that the U.S. will loosen its dependence on oil exports from this country in the coming years. Although there has not been a significant change in oil prices in the global market, changes will soon come in the following years.

Headed by Brian Alfaro, Primera Energy, LLC operates its oil business in Southern Texas. Learn more about the company here.