U.S. Posts Largest-Ever Oil Production Increase
Increased By 13.9% Over 2011
Increases in oil and natural gas production in the U.S. were the highest in the world last year, according to a new report released yesterday by BP. American oil production increased by 13.9% over the previous year, the highest gain in the company's history. The review attributes the gain to increased extraction from shale rock, which BP Chief Executive Bob Dudley calls "the American shale revolution."
"The review shows that the supply of energy is coming from an increasing diversity of sources as the world's energy market continues to adapt, innovate and evolve," said Dudley in the report.
As a result, money and jobs are flooding into U.S. oil sites. Consulting group HIS says that more than $5 trillion will be invested in U.S. shale and other energy techniques by 2035, with an additional 700,000 jobs expected to be created in the next two years.
"Every person that comes into my office from that industry has the same great things to say," says Betty Pope, owner of Acadian Advertising, a Halo Branded Solutions (asi/356000) affiliate. "In our area, they're moving a new plant from outside Chile to here in Baton Rouge, and it's really impacted the area. There's just so much stuff going on out there."
Pope counts 30 new petrochemical projects in the region, which not only creates new jobs but also brings thousands of contractors on-site. She sells apparel like caps, polos and fire-retardant work wear to those clients, and rounds up duffel bags, flashlights and tech products as awards for reaching safety goals. "They all have a big budget for safety," Pope says. "If you save one accident, then you've paid for those awards."