{"id":8365,"date":"2022-11-15T14:26:04","date_gmt":"2022-11-15T20:26:04","guid":{"rendered":"https:\/\/ccelp.com\/?p=8365"},"modified":"2024-01-10T14:29:08","modified_gmt":"2024-01-10T21:29:08","slug":"a-look-at-the-vast-oil-and-gas-industry-how-it-powers-our-economy-and-more","status":"publish","type":"post","link":"https:\/\/ccelp.com\/es\/a-look-at-the-vast-oil-and-gas-industry-how-it-powers-our-economy-and-more\/","title":{"rendered":"A Look at the Vast Oil and Gas Industry: How it Powers Our Economy and More"},"content":{"rendered":"

\"Four<\/p>\n

There\u2019s a lot of discussion today about the oil and gas industry. The rise in gas prices for the average American has become quite the topic of conversation. The industry outlook is somewhat uncertain at the moment, given recent events happening in Russia and Ukraine. We thought we\u2019d take a moment and look at the significance of this industry and how it forms part of our society.\u00a0<\/span><\/p>\n

To learn more, reach out to Clowe & Cowan in El Paso. <\/span>Contact us <\/span>online<\/span><\/a> or call <\/span>(915) 593-8833<\/span><\/a> to learn more.<\/span><\/p>\n

The Vast Oil and Gas Industry in the United States\u00a0<\/span><\/h2>\n

According to the American Petroleum Institute, the industry supports about 9.8 million jobs, which is the equivalent of about 5.6 % of total U.S. employment. That involves people working in a variety of capacities and roles throughout the energy sector as it relates to the extraction of oil and natural gas. Some might argue that numbers are even higher if you count the various industrial services and supportive roles companies play.\u00a0<\/span><\/p>\n

In 2020, the United States was the largest crude oil producer in the world. It gained and has held this position since 2018. Although every state is different, crude oil is produced in 32 U.S. states as well as coastal waters.\u00a0<\/span><\/p>\n

Oil production is a complicated and vast operation that is divided into three segments: upstream, midstream, and downstream. First (upstream) are the exploration and production companies that find the reservoirs, then (midstream) companies that transport the product from wells to refineries, and finally (downstream) companies that are responsible for the refining process and the sale of the final product.\u00a0<\/span><\/p>\n

Oil and Natural Gas Exports and Imports\u00a0<\/span><\/h3>\n

High inflation and rising energy prices have recently brought to attention the nature of U.S. imports and exports. The U.S. both imports and exports petroleum. The term refers to crude oil and refined products that include gasoline, diesel, jet fuels, and other products.\u00a0<\/span><\/p>\n

The U.S. demand and need for oil and petroleum products is vast, which is why even though we produce here at home, we still need to import a lot of oil. In 2017,<\/span> imports provided<\/span><\/a> 19% of the country\u2019s demand for petroleum.\u00a0<\/span><\/p>\n

The Top Oil-Producing States in the Nation<\/span><\/h3>\n

While the United States produces a lot of crude oil, there are several states that lead in the production. The top U.S. oil-producing states in America are:\u00a0<\/span><\/p>\n