As of 2017, US is also the worlds largest oil & gas consuming nation with approximately 913.3 million metric tons of oil and 27.1 trillion cubic feet of natural gas consumption respectively
- Definition / Scope
- Market Overview
- Market Trends
- Industry Challenges
- Technology Trends
- Pricing Trends
- Regulatory Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Distribution Chain Analysis
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
The energy resources such as oil, natural gas, coal, nuclear, wind, solar, and biomass contained in the North American cluster i.e. Canada, Mexico, and the United States create a prospective future for all three countries if combined.
However at present, with the region’s stable legal system, liberalized trading environment, cross border infrastructure, high-tech industries, and educated and competitive labor force the synergy effect is definitely created.
US seeks to use energy to drive economic growth, job creation, and international competitiveness. The US oil & gas supply surge may get a lot of attention, but the growth in jobs and America’s real competitive advantage exists in renewables and other advanced technologies as well.
US particularly remains in a competitive position when the energy sector is concerned as the demand surging from the developing economies are fixated in not only fossil-based energy resources but in distributed solar, wind, storage, micro grids, and a suite of other technologies and services that US companies have to offer. It is important to understand the value of energy diplomacy.
The US undoubtedly has an energy advantage at its finger tips that can and should be harnessed as much as possible, US has negotiated with other countries using energy as a political tool rather than as a weapon.
There is a direct relationship between US oil & gas industry and geopolitics which in turn makes contribution to global and U.S. energy security. US oil & gas industry has some significant benefits as it augments global energy security in at least three important ways.
First, it provides additional supply to a global market that had been tight for several years. Second, US tight oil adds a new kind of oil supply to the market that takes months, rather than years to ramp up from investment to production i.e. also known as short cycle oil and finally, the new oil and gas supply source i.e. 'shale' has added a sense of resource optimism to the market.
These alternative oil & gas are making US more cost-competitive with more variety and options for customers in terms of energy due to abundance of supply.