Oil and energy becoming natural resources were very essential and vital that was influenced the developing of economy for some countries in the world.unfortunately the conflict that was happen in the middle east especially Libya and Palestine seems affects and threatening world’s oil reserves which led to catapulted in oil prices. But right now there are a new chance and new hope because of USA started becoming one of newest oil producers in the world that seems will help to meets world’s oil reserves that had been seems to be dominated by Arabian countries. As we know that in 2008 America experiencing a severe crisis due to the collapse of giant financial firms, forcing the government to prop up the company’s bankruptcy. This is compounded by the emergence of Chinese oil companies such as PetroChina that are shifted the Exxon Mobil which has been in power for nearly a hundred years.
It was predicted that In 2020 the United States (U.S.) would shift the position of Saudi Arabia as the largest oil producer in the world. During this time the U.S. does storing its oil reserves and a lot of importing of crude oil from foreign countries. The U.S. reported produced approximately 9.6 million barrels per day. This amount represents 11 percent of the world’s oil supply. Currently there is production increase of oil and gas in the U.S. that will encourage economic activity, as well as making changes to the map of global energy trading. The dominance of world oil production is commanded by the U.S., where in 1925 oil production has accounted for 70% of world oil, and in 1941 accounted for 63% and over 50% in 1950.
This condition was confirmed by the fact that five of the seven major global oil companies dominated by U.S. companies, such as Standard Oil of California (Socal), Texaco (now Chevron), Standard Oil of New Jersey (Esso), Standard Oil Company of New York (Socony, now Exxon Mobil) and Gulf Oil. Exxon Mobil is the largest oil company in the world today which makes this company becomes one of lifesaver of the financial crisis in the United States. According some reseacher the world oil demand to increase by an 700 thousand barrels per day. Following with its facts will make America becoming one of the biggest oil producers in the world which of course will affect the economic development in the U.S. with its facts and the developing of the technologies and oil companies that growing bigger and bigger each year, it was predict that America will shifted the domination of Saudi Arabia as the oil producers in the world. This benefit also supported with the facts that there are at least five sources of new oilfields have been discovered in northern American continent.
The new mine will ensure a minimum supply of crude oil coming decades. Although will become manufacturer largest oil producer, the United States still imports 20% of its energy needs so it will be a long awaited and need of hard work for U.S. to be a bigest and newest oil producers in the world.