The Gulf of Mexico is the second most prospective region in the world for offshore oil drilling. The region is set to break another record for the amount of oil that it will produce in 2020; production in the region has been steadily rising every year since 2013, making this already impressive feat that much more special.
The United States is currently the world’s biggest producer of oil, beating out Russia and the Middle East. Even countries like Saudi Arabia, which are built almost entirely off the back of oil production, do not produce as much oil as the United States does. This is largely thanks to the efforts of American oil companies and their work in the Gulf of Mexico.
The production of crude oil is big business. There is something to be said about the resilience of this most versatile of fossil fuels. Crude oil is necessary to keep the modern world spinning, as it is the backbone of the transportation industry. Airplanes need jet fuel and most cars run on gasoline. Even electric cars generally travel on roads that are paved with asphalt. All of these are products that are made with crude oil.
The Gulf of Mexico has always been a big producer of crude oil. The region has become one of the most productive regions in the world only recently however. Easement of regulations by both the federal American government as well as by local lawmakers have made it easier for oil companies to go all in on development of offshore projects in the Gulf of Mexico.
The Trump administration has made it clear that energy independence should be one of the nation’s top priorities going forward. Becoming the world’s foremost producer of crude oil is a big step in that direction. Other parts of the country, like Alaska and Wyoming, are also currently being surveyed to see if large scale operations can be set up there. The Gulf of Mexico is currently the largest production in the country however, and that is not likely to change.
The Gulf of Mexico has proven to be a goldmine for offshore oil. Moving forward the region will continue to see growth in how much it is able to produce. This will have serious economic benefits for not only the companies currently drilling in the area, but also for the region itself.