MECHANICAL CONTRACTING | PVF | CONTINUED FROM PAGE 52
usually keeps an eye open at all times, having become finely attuned to the areas in which he operates. 4) While large corporations are increasingly becoming
multi-national, privately held entities tend to be predominantly America-based and influenced by the vagaries of the overall U.S. economy. As the administration’s regulatory and tax policies
primarily affect the fortunes of the “small business” arena, its current expansion restraint will not change until the tone-deaf, political Washington, D.C.-based policymakers begin to understand and facilitate what makes privately held businesses tick.
Global Oil industry plans record 2011 spending
Despite all the hype about “renewable energy”
generating from Washington, D.C. and the “green” advocates, the world’s major oil producers are preparing to spend a record $500 billion for new projects in 2011. This is practically double what was expended early in the last decade. Although the catastrophic Gulf of Mexico oil spill may
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have given deepwater drilling a bad name, much of this phenomenal expenditure will be dedicated to deepwater drilling in such disparate locations as Brazil, the African
West Coast, the South China Sea and Western Australia. With existing oil production flat and post-recession demand rebounding at an unexpected pace, the major
With existing oil production flat and post-recession demand rebounding at an unexpected pace, the major global oil companies, the nationally-run consortiums and even wildcatters are jumping into the fray created by an anticipated oil usage growth.
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global oil companies, the nationally-run consortiums and even wildcatters are jumping into the fray created by an anticipated oil usage growth. The current $90/barrel price and forecasts for over $100 by the end of the first quarter have made previously untouched deepwater potentials especially profitable. Although new discoveries have been lagging behind demand for the last several years, the pessimistic energy outlook for a world in recession discouraged major international producers and makers of equipment such as drilling rigs and related appurtenances. Since deepwater drilling
will constitute an ever-larger component of new oil excavation, costs will become appreciably higher, with the resultant price increases all along the transmission, refining, distribution and retailing channels. These higher costs will also affect the multiplicity of end-use products that are derived from oil, such as a variety of chemicals, plastics and sundry consumer products. Although such renewable
sources as solar, wind and geothermal energy will play an increasingly significant role in power generation, expect oil and, possibly, natural gas to provide the lion’s share in transportation and power well past mid- century.;
phc february 2011
www.phcnews.com
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