Dwayne Kent Singleton: Future of Oil in America
Dwayne Kent Singleton, a successful oil and gas professional who has been in the business for years, says that the recent boom in America’s oil production will be beneficial for the American economy as a whole.
America’s crude oil production rose for three consecutive years between 2009-2011, the first time America has experienced such a streak of improvement since the early 1980’s; this increase came right as experts forecast that the age of American oil growth is over. Dwayne Kent Singleton that this will come as a pleasant surprise.
Dwayne Kent Singleton states that this increase will help the American economy in a number of ways. First, it will contribute towards the reduction of our trade deficit as growing economies such as China, India, and Brazil import oil to fuel their economies. These countries are transitioning from underdeveloped to developed and the level of investment that is needed will keep demand for oil extremely buoyant. The reduction of our trade deficit will go a long ways towards reducing the national debt that we are currently experiencing.
The increase in oil production will also, says Dwayne Kent Singleton, help the American economy by employing more workers in the oil industry. America has been extremely sluggish in returning employment to its pre-2008 recession level so it is obvious that growth in employment is a big concern for the American economy. As more workers become employed and begin contributing to the national GDP we will see positive ripples emerge throughout the economy and the government’s burdened will be further lessened, says Dwayne Kent Singleton.