Petroleum Careers Outlook
U.S. energy consumption is expected to increase at an annual compound rate of about 1.1 percent between 2004 and 2030. Much of the increased demand will probably be met by imports, which are also expected to increase through 2030, according to the Energy Information Administration (EIA). (The EIA is a statistical agency within the U.S. Department of Energy.) Factors that could affect predictions include possible interruptions of supply from the Middle East, future decisions by OPEC, U.S. legislation on offshore drilling, increases in energy efficiency by users, changes in technology, and changes in the rate of economic growth and energy consumption.
While the number of oil refineries in the United States is gradually declining, their overall production capacity is increasing due to better efficiency. Much of the oil exploration and refining activity has gone overseas, particularly to offshore Africa, South America, the Middle East, Russia, and the North Sea.
The U.S. Department of Labor predicts that employment of petroleum engineers will decline through 2014. Despite this prediction, job opportunities should be good as the number of available positions exceeds the number of new graduates who enter the field each year. Since most of the petroleum-producing areas in the United States have already been explored, the best exploration opportunities for petroleum engineers are in other countries. However, the implementation of new technologies that expand drilling possibilities and improve the performance of reservoirs in the U.S. and the Gulf of Mexico may create new employment opportunities.
Related Career Fields:
Related Careers:
- Geological Technicians
- Geologists
- Petroleum Engineers
- Petroleum Refining Workers
- Petroleum Technicians
- Petrologists
- Roustabouts
- Surveying and Mapping Technicians
- Surveyors