The value of US oil and gas operations in 2006 was approximately $870 billion, with a compound annual growth rate (CAGR) of 21% for the 2002-2006 period. The US accounts for 25.6% of the oil and gas industrys global revenues. ( Reuters )
The infrastructure of the industry is susceptible to political instability and to weather damage, depleting earnings and necessitating expenditure on repairs. Dwindling reserves of both oil and gas are forcing suppliers to investigate alternative, sustainable energies, including wind, solar and nuclear power. In a bid to reduce dependence on politically unstable oil producing countries, the US congress is boosting domestic production of oil and gas, by opening up previously protected areas to exploration and drilling.