As we near the end of 2014, there has been plenty to talk about so far for the year in the oil and gas industry. Because we supply precision machined components into this industry, it’s important for us to keep up with what’s happening. Major changes are occurring, with a little help from reshoring and U.S. initiatives, so we wanted to break down a few notable news items.
Fast-Powered Manufacturing Growth
U.S. manufacturing is in a constant state of flux, it seems—one month job growth and other numbers will soar and the next, things plummet. In the long-term, it seems the sector is generally seeing an uptick, and businesses can give a hat tip to oil and gas for propelling this growth. Not only are new technologies giving the country “a position of strength,” according to UPI, but it’s also boosting the energy supplies we have here, taking us to our next point below.
U.S. Eyes Oil Independence
There’s a North American energy boom in our midst, and the U.S. is at the forefront. In the past five years, imports of oil and natural gas have fallen by 44 percent and 59 percent, respectively, according to Time. New processes in the U.S. have helped fuel a major surge, which reduces dependence on foreign oil while bringing (and keeping) more money in the county.
New Regulations Might Have Impact
Major success in an industry typically segues into more regulation, which is exactly what’s happening for oil and gas. From drilling to transporting, lawmakers are looking to help businesses be as profitable as possible, while still keeping safety as a top priority.
At CAB Incorporated, we know there’s a lot going on with oil and gas—and we’re well aware of the ever-increasing need for quality components, which we’re able to set up and scale. Looking for oil and gas castings and forgings or custom fabrication in these industries? Give us a call at 800-241-7311.