Foreign Petroleum Industry vs. Domestic Petroleum Industry

Only available on StudyMode
  • Download(s) : 89
  • Published : November 21, 2012
Open Document
Text Preview
Foreign Petroleum Industry V.S. Domestic Petroleum Industry
The Petroleum Industry is a very important industry for our ever-changing world. As we know it, right now, the world pretty much revolves around oil and gas exploration and extraction. Almost everything that the world produces uses oil or gas in one way or another. Right now, the Petroleum Industry is very big and prosperous in the Middle East (like in Pakistan and Iraq). Those areas are some of the world’s biggest oil and gas producers. They are making the “big bucks” by selling to us here in the United States. The oil and gas industry is booming in the Middle East. The United States is one of the biggest importers of oil and gas. We, as a nation, use an extremely large amount of oil and gas. When compared to the foreign Petroleum Industry, our domestic Petroleum Industry is really lacking. The United States has so much accessibility to oil and petroleum, but we are not extracting it from our surrounding bodies of water, such as the Gulf of Mexico. We have the potential to drill for our own petroleum so we will not have to purchase any oil or gas from foreign industries, but we are not drilling for some reason. Our Petroleum Industry could be a big contender in the world market, but since we are not drilling, we are not even a contender at all. The price of oil and gas is constantly rising. This does not look good for our economy since we are not drilling our own oil here in the United States. If we actually started to drill for oil and gas here in the United States, domestically, we would not have to worry about extremely high gas prices since we would be drilling it here. But since we have to buy from an international seller, we cannot name our own price for the oil and gas that we purchase from them. If we had domestic oil and gas exploration and extraction, we would have less trouble and drama with foreign countries. The less we deal with foreign countries that really do not...
tracking img