US Market Overview
Even in this great age of communication and technology we need to be concerned about natural resources such as gas and oil. These hydrocarbons are some of the most important known to mankind.They are the principal natural resources that fuel most of the world’s economies. Nearly 98% of everything we have or do is in some way related to crude oil and gas. Heat for our homes, gas for ourcars, 2-liter plastic bottles for pop, and petroleum jelly are just a few examples.
The United States has the greatest standard of living in the world, as well as the largest economy. Over the last 10 years, the U.S. economy underwent the largest economic expansion in history. Natural gas and oil has been essential to this tidal wave of global growth. The United States now uses an average of approximately 13 million barrel of oil per day (bpd), and China’s demand is expected to increase from 6 to 11.5 million/bpd within a decade. Other countries, such as India, are in a similar growth pattern.
As we all know, these resources are limited, and since demand has exceeded supply, the value of oil and natural gas has risen worldwide. This is where Reserve Petroleum plays a role.