The modern history of the US oil and gas industry began in the latter half of the 19th century with the first commercial oil drilling venture in Pennsylvania. The period 1955 - 2002 saw an important era in the US oil and gas industry. In spite of large scale production, the US saw itself drawing down its reserves of both oil and gas during this period. The US increased its reliance on foreign oil during the 1950s and 1960s. In 1960, the Organization of Petroleum Exporting Countries (OPEC) was formed. Various political and economic events, in particular the wars in the Middle East during the late 1960s and 1970s had substantial impacts on the world oil and gas industry. Prior to 1955, the US was both the largest producer of oil in the world with over 60 percent of world production and a net exporter of oil.
A SWOT Analysis has been conducted to scan the internal and external environment that surrounds the company. With the aid of the analysis, a TOWS matrix has been drawn so as to study the challenges faced by the company and form strategies to counter these challenges.
The modern history of the US oil and gas industry began in the latter half of the 19th century with the first commercial oil drilling venture in Pennsylvani ...