According to Exxon Mobil Corporation (NYSE:XOM), by the year 2025 North America will be famous as one of the oil exporting countries due to an immense increase in its production and energy efficiency. The five countries mentioned below have a key role to play in this achievement.
According to the U.S Energy Information Administration Texas tops the list and is an important producer of crude oil and natural gas. The state has a production of more than 500,000 barrels a day and the credit goes to development of Eagle Ford Oil & Gas Corp (PINK:ECCE) in South Texas and Permian Basin Royalty Trust (NYSE:PBT) in West. The next in the list is North Dakota Territory Resource Corp (PINK:DTRC) with a production of 728,000 barrels of oil after the
Bakken Resources Inc (OTC:BKKN) formation in Williston Basin.
California occupies third place in U.S. oil production. It produces 524,000 barrels per day and in terms of refining capacity its churns about two million barrels a day throughout its twenty refineries. Irrespective of such high productions the gas prices in California are touching the sky. People are hoping these prices to fall down in the upcoming days. Alaska has shown a decline after attaining the peak level of about two million barrels a day towards the end of 1980s and was able to produce only 502,000 barrels mainly from the fields of the North Slope. If the oil prices continue to drop, then this region is at the utmost risk as the TAPS needs regular maintenance which required large and continuous investments.
Oklahoma Energy Corp. (PINK:OKOK) successfully produced 250,000 barrels per day and ranks fifth in the country. It is the fourth largest natural gas producer. Other states include Colorado, New Mexico, Kansas followed by Louisiana and Genesee & Wyoming Inc. (NYSE:GWR) has contributed to in this increase as the even smaller volumes increase is important in oil production. The reason behind such spectacular increase is their advanced technology with the help of which they are now able to extract oil from even the hardest place like deep offshore well, shale rocks, etc.
Shares of Exxon Mobil Corporation (NYSE:XOM) were down by 0.56% to close at $88.08
Shares of Permian Basin Royalty Trust (NYSE:PBT) were down by 2.13% to close at $12.42
Shares of Genesee & Wyoming Inc. (NYSE:GWR) were up by 0.29% to close at $73.54.
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