The American appetite for petroleum currently runs to 20 million bpd. In the past, much of this was imported. Even a decade ago, when oil traded at more than $100 a barrel, it seemed as if American output could never close the gap. Today, new fracking technologies have changed everything. No longer do drillers need vast oil fields to pump; fracking technology gives them the ability to precisely aim for tiny deposits miles away.
Granted, American drillers only produce half the domestic demand for oil, but they do export natural gas. Entering 2018, America is closer to energy independence than it ever has been.
Technology Helps Drillers Stay Competitive
According to Sigma Drilling Technologies, vendors of pulsation control systems and high-tech products such as pulsation dampener for reciprocating pumps, advanced technology is at the core of the ability that American drillers have to make the most of this market.
Technological prowess has allowed drillers to be more responsive to market forces than ever before, starting or stopping production almost at a moment’s notice. This can be important as a way to keep prices stable. With the $60 point being the sweet spot for profitability in the shale industry, being able to turn the spigot on or off is an important method to keep prices in control.
The Future Looks Promising
America’s oilfields have so impressed traditional oil producers elsewhere in the world that they have shown considerable interest in investing. Saudi Arabia is one of those countries.
The oil market only shows signs of improving in the near future. With the Trump administration being oil-friendly, and with vast regions opening up to drilling, the American drilling industry is set to have a great year.
