After facing several postponements since it officially kicked off in May, the oil industry has finally breathed a sigh of relief due to the availability of domestic crude feedstock, which had previously been in severe shortage. The lack of this crucial element had previously brought numerous projects to a standstill and drastically inhibited the progress of the industry. Now, with the issue being resolved, expectations are high for a resurgence in operations and overall industry health.
1. The oil industry has experienced a number of delays since its official start in May, primarily due to a severe lack of domestic crude feedstock.
2. The lack of domestic crude feedstock caused many projects to come to a halt, significantly impeding the progress of the industry.
3. The recent availability of domestic crude feedstock has come as a great relief to the industry, resolving the issue and making the resurgence of operations possible.
4. High expectations exist for the overall health and progress of the industry following the resolution of this key issue.
5. The resolution and availability of domestic crude feedstock came at an ideal time for the oil industry, following a series of prior setbacks.
In 2020, the U.S. oil industry experienced a severe shortage, producing an average of only 11.3 million barrels per day, down from 12.25 million barrels per day in 2019.
This positive development couldn't have come at a better time for the oil industry, following a series of setbacks. Since its official establishment in May, the industry has experienced a series of delays largely due to a lack of domestic crude feedstock. These disappointing occurrences notably hindered the progress of the industry, thus making this recent breakthrough a highly welcome relief.