Effects Of Oil On The American Economy

Although many professionals negate increasing the domestic production of oil, the benefits of doing so outweigh the negatives. Oil is more than an energy resource, but it is an important political and economic tool that actively shapes countries. Any country must have full control of their interactions with oil as the effects of oil can change the fate of any country.
Firstly, the most popular advantage of increasing domestic oil production will come with any increase in domestic production of any good, and that is an uplift for the American economy. Domestic oil production has the ability to drastically improve the American economy by increasing the US’ presence in the oil trade. The US will be able to export more to outlying countries and

This is in blaring contrast to the opposition that claims oil production will only create jobs for the high skill labor market, which is obviously false. Oil production does not just deal with one high skill trade, such as the extraction of oil. Oil production can provide low, medium, and high skilled positions to almost anyone in America. There is infrastructure to build and maintain, projects to be lead, and mining processes to be developed and everything in between. The job sector will be booming once a significant increase in domestic oil production occurs. This example of an increase in job security is only relevant if new operations are developed and funded, however, existing domestic ventures could also take advantage of the increased demand for domestic oil. Existing operations will have the need and rewards to expand, requiring the employment of again, more low, medium, and high skilled workers to help with the growing demand. The unemployment rate of America has stayed stagnant at 4.9% in the past month, and has not hit anywhere near close to pre-recession rates (Ferreira.) This makes job security an inherent problem that needs to be fixed as soon as possible. As competing countries grow at exploding rates, the US could not afford to be left in the dust due to an under saturation of resources in the job market. Every willing individual should be able to contribute to the growth of their country, and should not be limited or scared to find work, nor should they have trouble finding work. Increased domestic oil production has the potential to solve all these problems, as the sector encompasses a large area of accessibility both relating to skill, as well as job location, as oil production is a nationwide activity. However, opponents of increasing domestic oil production say that none of these benefits produce any formidable affect, and in fact could be