Worldwide Thirst for Oil Is Fueling Domestic Boom in Drilling, Refining
When President George W. Bush earlier this year said that America is “addicted to oil,” it was not news to the contractors who build drilling platforms, pipelines, refineries, and downstream facilities for oil producers. Those contractors are pushed to the limit to keep pace with growth in the oil and natural gas market as producers scramble to provide America’s oil fix amid soaring crude prices from abroad and filled-to-capacity domestic refineries.
It is almost impossible to view the domestic oil construction market as independent from the global oil construction market, as many projects around the Gulf of Mexico, Canada’s oil sands and Alaska’s oil reserves are being driven by global supply dynamics. Outstripped by demand, oil producers are clamoring to boost supply through domestic drilling and new technologies to enhance extraction of crude from shale fields and Canada’s oil sands in Alberta.