Demand for oil and gas is weakening in the U.S. and other developed countries, thanks to slowing manufacturing and frail consumer confidence. When it comes to investment, though, the industry is looking farther afield and further into the future.
Marcela Donadio is Americas Oil and Gas Leader at Ernst & Young.
“Demand in China and in the emerging countries continue [sic.] to be strong. The industry also has to make very long term investment decisions, and so as they look at what they’re expecting to happen in the emerging countries and, hopefully, recovery in the developed countries, that all would lead to long term growth in energy demand.”
As a result, the oil and gas industry is stepping up investment in the U.S. as well as overseas. Donadio says that will bolster the Houston economy in coming months, as the industry continues to hire both engineers and administrative staff.