Look, if there is one thing that we know we need here in the United States, it’s energy production. Being the second top consumer in the world for energy by far, it’s hard to sustain the sheer amount of energy that is needed to maintain everyday life, and to do so in a manner where energy is affordable for a majority of Americans. With recent changes in the political realm, it’s worth taking a look at what may happen in the energy sector over the course of 2017, as there will be many major players and situations influencing what is to happen to the power industry. Keep reading for some our our predictions here at Well Water Solutions for what to expect during 2017 and what can help to keep your fracking business up and thriving.
OPEC Makes a Stand
Previously on the blog, we talked about the deal among OPEC members to reduce production of oil, mostly in the Middle East. This deal went into effect on January 1, 2017 and has already begun to have effects on the global oil market. While there is no proof that this deal will hold, especially with Russia in the mix, oil prices have been driven up by nearly 12 percent in just two months due to this agreement. Because the United States is not a member of OPEC, we are not bound by this agreement, meaning that oil production could jump in order to keep up with the price increases.
Trump Will Be Making Energy Decisions
Obviously, the most recent election in the United States is going to be a deciding factor in many different energy policies moving forward. Trump is showing that he plans to put oil interests first by his cabinet selections, which also means that there will probably be a greater focus on hydraulic fracturing and possibly even coal. The focus is shifting away from worldwide climate change accords to internal energy independence more than ever before, which is a 180-degree turn from the previous administration.
Solar Leading the Power Grid
If 2016 was any indication, renewable energy sources are on the rise. During 2016, of all the energy added to the national power grid, over one-third was in solar power, just edging out both natural gas and wind power in new additions. While you shouldn’t expect the growth of solar to continue substantially over the next year, it’s worth knowing that it’s a contender in the energy production world.
Resurgence of Natural Gas
While natural gas has never gone away, the amount produced annually in 2016 was lower than the previous year since the boom in 2005. But don’t expect that to be a continual occurrence. Thirty four percent of the nation’s power comes from natural gas as energy facilities have moved away from coal and put a greater emphasis on natural gas.
If you’re a hydraulic fracturing or oil company looking for above ground storage tanks for water or frac fluid, turn to Well Water Solutions for an innovative product that you will be proud to use. Contact us today for more information!