Crude Oil and natural gas have been the key commodities that have played a very significant role in determining the course of international trade and commerce. It has been an important player for any country since it is very much needed as a fuel, for the transportation services and also for the various industrial applications. This is the sole reason that the energy experts do really believe that in the years ahead, there will be an increasing demand for crude oil and which would put additional pressure on the oil exploration companies worldwide. Even with lower First Choice Rates, we’re all dependent upon crude oil.
On account of this the worldwide community has awakened to this reality and they feel that there will be a shortage for this precious fuel in the coming years. If such a situation arises then there will be a surge in the crude oil prices worldwide which will in turn hike the prices of the other essential commodities. To release such a pressure that is very rapidly building up in the world, most of the nations have started their own oil explorations with a view to decrease their over dependence on the current oil producing and exporting countries.
By producing oil within their boundaries they would become self sufficient for meeting their own oil requirements. This would make their economy strong and would also make them more self reliant by meeting their energy requirements. US for the past so many decades have been exporting oil from other countries since they had to meet the ever growing demands for the it in their country. recent survey conducted in the United States regarding the crude oil consumption and the production, showed that its economic consumption of it on a daily basis stands at around twenty one million barrels. But the disappointing factor is that the US is producing only five million barrels of crude-oil per day. This is the sole reason for their over dependence on the crude-oil exporting countries. Many economic experts point to the fact that there has been a tremendous growth in field of science and technology in the last few years. This has resulted in the over consumption of the crude-oil to meet the daily needs of the American citizens.