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Oil in America.

America is full of oil and Kentucky has a lot of it.

The United States is the largest petroleum consumer in the world

and the third largest in crude oil production. In 2011, the US crude oil production reached its highest level since 2003 at 5.6 billion barrels a day. Oil imports have been falling and net imports as a share of total consumption declined from 57 percent in 2008 to 45 percent in 2011 – the lowest level since 1995. (U.S. Energy Information Administration)

 

 

 Crude oil-based petroleum products are the dominant source of energy

and the world’s largest industry based on dollar value. Petroleum is vital for many industries to thrive and for maintaining industrial civilization itself, making it a critical concern for most nations. To keep up with consumption, oil companies must constantly look for new sources of petroleum, as well as improve the production of existing wells.
This signifies the importance of oil to our economy and the availability of it right on our home soil. Independent producers, such as Wilco Energy Corporation, are responsible for developing the U.S. oil base and drill 90% of domestic oil wells. This industry contributes significantly to the U.S. economy providing jobs and vital consumer products, as well as lessoning dependence on foreign oil. Investing in oil exploration and production is an opportunity to invest in and support America’s businesses, resources, and local economy as opposed to foreign countries.

The Federal Government allows major tax breaks to petroleum companies for virtually every stage of oil exploration and extraction, including for the costs of oil leases and drilling equipment. This is an important incentive for those who invest in oil-based businesses.

Learn More about Tax Benefits

 

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