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2014 Market Snapshot: The Good Times Will Continue to Roll in the Oil & Gas Biz

At least half of the 10 MSAs that experienced the most GMP growth from 2008-2012 are in oil & gas regions. Expansion-minded electrical distributors are already in these growth markets. These regions of the United States should continue to produce plenty of business for years to come for those electrical distributors that service the oil and gas industry with explosionproof industrial products.  The EIA report says growing domestic production of natural gas and crude oil continues to reshape the U.S. energy economy, with crude oil production approaching the historical high achieved in 1970 of 9.6 million barrels per day.  

A recent  Wall Street Journal article on the plans by Germany’s BASF to invest approximately $4 billion in its U.S. plants because of the dramatically cheaper energy prices in the United States and some recently released long-range import/export projections by the U.S. Energy Information Administration  are two of the clearest indicators yet that the excitement in the growth of the oil/gas industries is very real — and very positive for electrical manufacturers,

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