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Over the last decade, the energy sector had a profound effect on the hospitality industry, and it remains a significant economic driver in many markets today. The oil industry, in particular, has invigorated local economies, adding thousands of jobs and millions of dollars in revenue across several key regions in North America. Fracking completely changed the industry in 2008, and a “shale revolution” was born in the United States that dramatically affected global supply and demand.
Between 2008 and 2015, the United States nearly doubled its production of oil, jumping from 5.0 million to 9.4 million barrels per day. As the price of oil surpassed $100 per barrel on numerous occasions between 2011 and 2013, capital investment continued to pour into key regions in North America. After mass oversupply occurred, the price of oil finally plummeted from a Q2 2014 peak of $115.19 per barrel to $26.01 per barrel in Q1 2016.
Source : Cushman & Wakefield
