Joe Hilton of Boca Raton: International Economy Affects Global Oil Industry

NEW YORK, NY, July 24, 2012 (Press-News.org) Although different countries contribute their respective oil production to the industry, it remains a global sector. As such, the oil industry is dependent upon the economies of a wide range of countries. Most recently, European financial crises and Chinese labor issues have significantly impacted this sector. Bloomberg reports that oil has fallen from a seven-week high due to concerns regarding Chinese and European current events. Joe Hilton, of Boca Raton, Florida, weighs in on how global affairs can change the oil industry within individual nations.

The article asserts: "Oil fell from a seven-week high in New York on concern fuel demand may falter after China signaled more economic weakness and analysts cut their profit forecasts for European companies at the fastest rate since 2009."

Hilton explains that the demand for oil is international, so failing economies and even social crises can impact this demand--lowering prices and affecting all of the organizations that work within the industry.

Ken Hasegawa, of Newedge Group in Tokyo, comments: "I don't think we have a very strong momentum in the oil market because the economy is not that strong in Europe, the U.S., and China. We would expect some profit taking after five days of gains."

While most industries within the United States are still nationally-based, the global oil sector is one of many that are directly impacted by international events. Hilton believes that other industries should pay attention to the model that this field has developed.

"As the world becomes increasingly globalized, more and more industries are going to see the same international challenges as the oil industry has," Hilton remarks. "While these challenges may not be on the same scale, as the oil industry is monumental, they will be similar in nature. Technology has made it possible for globalization to occur. With this comes increased profit for many companies, as well as an enhanced ability to innovate their products and processes. But it also provides a new set of challenges. The oil industry offers a wonderful example of the challenges that a global field will face--and how to overcome them."

Hilton looks forward to the boost that the strengthening U.S. economy may provide to the oil industry and is confident that, despite international challenges, the field will continue to prosper.

ABOUT:

Joe Hilton, of Boca Raton, Florida, is the Owner and President of Pacific-Northwestern Energy. He leads corporate offices at the Deerfield Beach location, where he puts his expertise regarding oil and natural gas drilling to work in expanding domestic oil production. Currently, Joe Hilton, of Boca Raton, Florida, is pursuing the Rock Castle drilling initiative. Through his work, Joe Hilton, from Boca Raton, expresses his entrepreneurial spirit by participating in several ventures. Some of his previous enterprises include United States Livestock and Quantum Seminars.

To learn more about the work of Joe Hilton, of Boca Raton, and Pacific-Northwestern Energy, visit www.pacific-northwestern.com.