Oct 11, 2016
U.S. oil boom and correction—the commodity we love to hate
U.S. - The United States has been the world’s largest oil consumer for decades, and while recent oil price declines have led to lower output, oil production remains near record...
U.S. – The United States has been the world’s largest oil consumer for decades, and while recent oil price declines have led to lower output, oil production remains near record highs.
The U.S. oil industry is concentrated in the Southwest part of the country—as this region has become a center for production, imports and refining—cities in the area led by Houston and Oklahoma City have become the major oil centers in the U.S.
The energy industry accounts for between 13 percent and 17 percent of all economic activity in each of these cities.
Today, oil-centric markets in the U.S. register some of the highest vacancy rates in the nation. Office markets in energy-centric metros with more diverse economies—Dallas and Denver—have held up much better.
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