- June 21, 2019
- Energy
Oil and gas is one of the most flourishing and profitable industries in the US. It propels several other major industries such as pharmaceutical and cosmetics. High net worth individuals often invest in oil and gas as it helps in diversifying their investment portfolio and delivers sustainable long-term returns. While a reputable oil and gas investment company such as Fig Tree Capital Ventures can help you discover lucrative investment opportunities, it helps to stay informed about the industry at large for making better investments. Continuing on the subject, we present five interesting facts about the US oil and gas industry. Read on.
1. The US is the World’s Leading Oil Producing Country
The US stands as both the top producer and the top consumer of oil and gas in the world, producing nearly 14 million barrels of oil every day, which accounts to one seventh of the oil produced across the world. According to a study, it was found that the US consumes 1.85 million barrels of oil per day, which is the highest amount consumed than any other nation in the world.
2. The World Consumes 36 Billion Barrels of Oil Per Year
It is estimated that people use around 100 million barrels of oil per day, which amounts to nearly 36 billion barrels of oil every year. Despite the rise of alternative energy sources such as solar and wind energy, there hasn’t been much of a difference in the consumption of oil at the global level.
3. Oil is Commonly Referred to as “Texas Tea” in the US
Texas has been the center stage for oil production in the US for a long time now. Studies into the US oil and gas production have revealed that Texas produces nearly 36% of the oil output in the US and holds nearly one third of the total oil reserves of the country.
4. Oil and Gas Industry Offers High Remunerations
It was revealed that the professionals working in the oil and gas industry are said to be receiving a higher than average compensation over the past three years. On an average, they made nearly $90,000 in 2018, when compared to 2016 and 2017, where they made $87,000.
5. The US has dethroned Global Leaders in Production
Nations such as Saudi Arabia and Russia have dominated the global oil and gas production landscape for a long time now. While Russia and Saudi Arabia produced 11.4 million barrels and 10.7 million barrels per day respectively, the US is said to have produced 11.6 million barrels per day according to the reports received at the end of 2018.
Wrap Up
The global energy trends have made it clear that the energy demands and production of oil and gas will continue to rise in the upcoming years, despite the increase in alternative energy solutions such as solar energy. For high networth individuals looking to diversify their portfolio, energy investing is a suitable option for making a great return on investment while enjoying massive tax breaks. If you are looking to invest in oil and gas projects in Texas, look no further than Fig Tree Venture Capitals. To learn more about potential oil and gas investment opportunities in Texas and other parts of the US, fill out our contact form or simply call +1-866-304-9194.
