Energy production is boosting economy

Unemployment has reached the lowest rate in four years, and energy production was a significant contributor to growth. Recent discoveries of U.S. oil and gas reserves have lifted the economy, The Associated Press reported. Oil firms looking to add to their staffs should seek out recruiting agencies to find highly skilled candidates.

Recent oil findings have put the U.S. in a position to become the world's largest producer of oil and natural gas within the next few years. In addition, foreign oil imports have dropped to a 17 year low. The International Energy Agency predicted the U.S. will overtake Saudi Arabia as the world's largest oil producer in the mid 2020s and will become the highest exporter by the mid 2030s.

Despite improvements to renewable energy technologies, many firms are taking advantage of the shale boom. Much of the U.S. oil industry growth has been the result of advances in hydraulic fracturing, or fracking, which allows for greater access to gas reserves in shale basins. Oil producers can extract natural gas with greater ease, which is leading to cost decreases. The IEA estimated by 2030, natural gas will account for the largest fuel source globally. With U.S. oil and natural gas poised to make a significant impact in the future, oil producers may see myriad opportunity coming their way.

Energy industry job creation
Using fracking technology, Texas has doubled its oil output since 2005, according to the Wall Street Journal. The state was already the largest producer of oil in the U.S. eight years ago, and its output is as much as that of the next four highest producing states combined. Due to its large oil reserves, Texas has been a major job creator since the recession ended. The Texas oil industry employs 400,000 individuals, and the state's jobless rate is 6.4 percent, lower than the national rate of 7.5 percent. With the advent of hydraulic fracturing, there is an opportunity for many states that were not previously major players in the oil industry to boost their energy production. 

The energy boom has created many jobs in other downstream industries, such as transportation, advanced technology, construction and manufacturing, the WSJ said. The U.S. is positioned to become a major worldwide energy provider, and many industries outside of oil drilling could benefit. As energy production grows, a great number of new jobs will open. Firms looking to expand can consult staffing agencies to fill a variety of specialized positions. 

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