| How the domestic oil industry is changing city of | | | | oil depositary of Vernal Utah area as the land is full of |
| Vernal? | | | | shale rock and extracting oil form these rocks can |
| Vernal, a city located in Uintah County of Utah in the | | | | cost more than the average sale price. The average |
| United States has been a small average city with a | | | | oil plumping cost in Middle East is averaged on $5 per |
| handfull of residents. But its fate changed with the | | | | barrel whereas in the Vernal Utah, it can reach up to |
| boom of domestic oil industry in the United States. It is | | | | $25 per barrel increasing the price for end user. But if, |
| supposed that there is more oil deposited under the soil | | | | the price for oil is going to exceed in the way it is doing |
| of the Vernal area than in the Middle East. | | | | recently, then there will be time when the rigs in Vernal |
| The United States has more than 2 trillion barrels of oil | | | | Utah might be economically feasible. |
| in its deposits and if brought to use then it could | | | | Big oil companies including Shell, Exxon and Chevron - |
| eliminate the dependence on oil from the Middle East, | | | | Texaco have speculated the amount of oil deposit in |
| Africa and South America for hydrocarbon. The | | | | this area and have started to invest heavily. Though |
| research has found that more than 70 percent of US | | | | the exploration of oil in and around Vernal and Utah |
| oil reserves are in Green River Formation in Utah, | | | | State was done early 19th century but its commercial |
| Colorado and Wyoming. The Uintah County is also a | | | | production stated only after 1925 when three |
| part of Green River Formation so if oil production in the | | | | companies namely Utah-Southern Oil Company, the |
| Green River Formation starts on large scale then the | | | | Midwest Enterprises Company, and John Howard's |
| city of Vernal will grow at an immense rate. Some | | | | Utah Oil Refining Company started digging oil in Utah. |
| residents in the city have already experience the | | | | Vernal, Utah had its first oil boom only in 1948. |
| boom in the real estate industry and other major | | | | The booming oil industry has helped Vernal become |
| areas. | | | | popular hotspot for people looking to invest and live in |
| The recent data shows that the real estate prices for | | | | this area. As the oil prices all over world increases, the |
| an average home in Vernal city was near $100,000 but | | | | new domestic oil industry in Vernal, Utah is going to |
| now has increased to above $185,000. Moreover, the | | | | change the perspective of people who highly depend |
| basic land price which was about $40,000 an acre has | | | | on Middle east and other politically troubled countries |
| jumped up to the $70,000 range. This shows how the | | | | for supplying oil to United States. Thanks to the oil |
| oil industry in Vernal is changing the economic structure | | | | boom Vernal city has been able to capitalize on its |
| of the city. | | | | growth and welfare for its people. |
| Unfortunately, it is not that easy to extract oil from the | | | | |