The oil industry has been sidelined in the United States. However, today it is the most productive industry. A few years ago, when the global oil glut put pressure on producers, investors let the sector bet on the green transition.

However, after years of slow development, the United States has seen a significant increase in productivity. Industrial innovations in the oil industry boosted U.S. corporate profits. High-tech drilling and turnaround or Horseshoe wells are examples of the latest innovations. These minor technological advances in the oil industry provided a boost to American businesses.

The U.S. oil industry has gone from being an underdog in the global crude market to stealing market share from OPEC. The country now produces a record 13.3 million barrels of crude per day.

This is 48 percent more than in Saudi Arabia. The increase in production was due to the use of far fewer workers and less than a third of the platforms needed ten years earlier. This helped the United States become a net exporter of oil.

According to Bloomberg, U.S. oil production will increase by 600,000 barrels per day through 2025, about 50% more than this year’s increase. According to a Bloomberg report, David Rodziewicz, senior economic specialist at the Federal Reserve Bank of Kansas City, said: “You have a highly productive energy sector, and that leads to a number of positive spillovers to the rest of the American economy. “

He added: “This protects us from larger commodity shocks compared to the 1980s or 1990s, when we were largely net importers of these products.”

Meanwhile, as we move away from fossil fuels, the International Energy Agency projects that global oil demand will stabilize in 2029. Although dividends and share buybacks have enticed some investors to join industry, many have not yet returned.

However, the oil boom of the past decade has kept demand for labor high.

This allowed the American economy to grow faster than that of other rich countries. Analysis from the McKinsey Global Institute shows that higher productivity levels across all sectors could add $10 trillion to U.S. gross domestic product by 2030.

The debate between the economic benefits of the oil industry and the climate impact will continue to dominate headlines, even as countries attempt to move away from fossil fuels.