Author: 99 Media

Travel Insurance Companies – The Best And Worst Review

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Ask any expert to name the best and worst travel insurance companies, and you’ll probably get a noncommittal answer. “It depends,” they’ll say, careful not to sound like they have a favorite — or a least favorite.

But ask Michael Blank, and he’ll tell you about his experience with Seven Corners Travel Insurance.

Blank recently set sail on a Celebrity cruise to the Middle East, India, and Southeast Asia. Along the way, both he and his wife contracted severe sinus infections, which sent them to the ship’s infirmary. A doctor treated the couple with antibiotics and billed them $313. Blank completed a quick online claim form.

“Seven Corners paid right away,” says Blank, a pharmaceutical research and development executive in Philadelphia.

Actually, that’s the way it’s supposed to work. The best travel insurance policies for your upcoming fall and winter trips offer extensive coverage. They also pay their claims promptly, according to customers, travel agents and experts. And the worst? Don’t even get me started.

These are the worst travel insurance companies
OK, do get me started.

The absolute worst travel insurance companies aren’t travel insurance companies at all. A few years ago, readers of my consumer advocacy site asked for help with their claims against a company selling something called travel “protection.” The company billed itself as travel insurance without actually claiming to be insurance in a clumsy attempt to evade state regulators. It refused to honor what appeared to be legitimate claims.

In the end, one of the company’s stakeholders tried to drag me into to court for writing about it. Fortunately, authorities caught up with the scam and shut it down.

Case dismissed.

By the way, if you want to read travel insurance horror stories, you can find plenty of them on my nonprofit consumer advocacy site.

Some travel companies, such as tour operators and cruise lines, also offer “protection” that isn’t insurance. Coverage is limited (for example, they only offer credit if you have to cancel, not a refund). And the restrictions are significant. Since the company itself underwrites the “protection,” the company’s bankruptcy would render it useless.

Note: Some travel protection products are totally legit insurance products and worth considering. For example, BHTP’s ExactCare Extra product combines fixed benefits with traditional coverage. It covers trip cancellation, trip interruption, medical coverage, emergency evacuation, but also flight cancellations and missed connections.

But in a sense, the worst travel insurance may be none at all. Too many travelers are turned off by the negative stories and bogus “protection” policies and decide to skip travel insurance altogether. It’s a decision they often regret when they have to cancel their trips and can recover none of their money.

Good travel insurance can cover you when medical insurance won’t, particularly for international travelers. It protects against trip delays, offers rental car coverage, and covers lost luggage and accidental death. Finding a great travel insurance plan and buying travel insurance doesn’t have to be difficult.

The best travel insurance companies
Every year, I survey my readers on the best travel insurance companies. Here are last year’s winners. (I’ll start the polling again in October, so stay tuned.) But in the meantime, I hear from thousands of travelers about their insurance experiences. Not all of them are positive, but many are. They merit a second look at about the halfway point through this year.

Here’s my current list of the best major travel insurance companies, based on reader feedback and the latest consumer surveys:

Allianz Global Assistance

Allianz Global Assistance is the largest travel insurance company. It’s owned by Allianz SE, the world’s largest diversified insurance company. Thanks to the scale of its parent company, Allianz can offer better insurance at a lower rate. The company typically works fast on claims and resolves most complaints quickly and to the customer’s satisfaction. Just in case it doesn’t, I publish the names of its customer service executives on my advocacy site.

Jim Angleton, who runs a credit card company in Miami, remembers a recent flight from the Middle East to Miami. With a hurricane bearing down on South Florida, his airline canceled the flight and told him to wait four days. “We ran and got the last four business class tickets on Emirates,” he says. Allianz quickly reimbursed him for the tickets.

“In today’s crazy travel world and climate it is very important — almost a must — to have trip insurance,” he says.

Amex Assurance

Talk about squeaky clean. I’ve received virtually no complaints about Amex Assurance products, which in and of itself is a powerful endorsement. Amex offers all kinds of protection and insurance policies, and you don’t have to be a cardmember to qualify for coverage. If you run into problems, I always publish the Amex executive contacts on my advocacy site, too.

Generali Global Assistance

Generali Global Assistance’s predecessor, CSA Travel Protection, has long been a recognized name in travel insurance. And Generali’s parent company, The Europ Assistance (EA) Group, has been around since 1963. Generali says its success is “built on the foundation of trust.” Based on the few cases we receive on my consumer advocacy site, they live up to their promises. I’ve had an opportunity to work with Generali on several stories since I published my last list. It has a true customer-centric corporate culture, which is great. (And just in case they forget, here are Generali’s executive contacts.)

Seven Corners

Seven Corners is privately held and headquartered in Carmel, Ind. Blank’s experience, as described earlier in the story, is not unique. This low-key specialty benefit management company specializes in doing business with agencies of the U.S. government, foreign governments, and corporations. Their cases tend to get resolved quickly and with a minimum of publicity. Here are the Seven Corners executive contacts, in the unlikely case you’re the exception to the rule.

Travelex

Travelex is owned by Cover-More Group, one of Australia’s largest insurance providers. I can count on one hand the number of Travelex cases we get. The company offers solid coverage and processes claims quickly. A vast majority of its customers are pleased with their travel insurance policies, which is as much as anyone could expect. Here are the Travelex executive contacts.

Christine Dailey, who works for a construction company in Los Altos, Calif., reported her positive experience with Travelex. She’d purchased coverage for a three-week European cruise.

“I had a fall on Portuguese cobblestones during a shore excursion and fractured a finger,” she says. “Incurred $910 in medical treatment by the ship’s doctor.”

At home, her health insurance covered her medical care. But not abroad. Travelex didn’t harass her with a lot of paperwork requirements for her claim. “I received payment in full within three weeks,” she says.

Travel Guard

If you’ve never heard of Travel Guard, you probably know AIG, its parent company. Like the other insurance companies on this list, it has a sterling reputation for delivering insurance coverage to travelers. I’ve had several dealings with Travel Guard since I published my last list of insurance companies. Travel Guard processed its claims quickly and followed up to make sure the customer was happy. I’m impressed by their professional attitude and have absolutely no reservations about recommending a Travel Guard policy. Here are the Travel Guard executive contacts.

Travel insurance doesn’t solve everything
A few words of warning: While these are the best travel insurance companies, they’re not perfect. Too often, they oversell their products with large-print hyperbole, only to have fine-print restrictions that severely limit their coverage. The biggest: limits on pre-existing conditions. That’s a problem mostly created by their underwriters, who are trying to limit their exposure. You have to read the fine print very carefully to avoid getting stuck with a useless policy.

Also, there are items even the best travel insurance company won’t cover. That’s one reason many of the travelers who contact me buy more than insurance. For instance, they’ll pay $270 for a one-year medical evacuation membership like MedjetAssist. Medjet has access to a fleet of more than 250 private air ambulances that can evacuate hospitalized members. Or they’ll sign up for International SOS, which provides global security to companies.

Travel insurance won’t cover everything. But you don’t really want to leave home without it.

The 8 Best Health Insurance Companies to Use in 2019

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The 8 Best Health Insurance Companies to Use in 2019

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Trying to find the best health insurance can be a confusing process. There are several criteria to keep in mind when you make your decision including financial strength, customer service ratings, claims service, plan prices, policy offerings, coverage benefits, and provider choices. There is no one “best” health insurance company, but the best one for you will depend on the type of health insurance you need, your budget, and what is available in your area.

Many health insurers offer the option of a Health Maintenance Organization (HMO) or Preferred Provider Organization (PPO) Plan. An HMO has its own network of doctors who have an agreed-upon price for the health care services they provide, while a PPO is made up of pre-approved physicians that participate in the network and offer lower costs to members. Most PPO plans will also allow you to access an out-of-network provider for a higher fee.

The region you live in will determine which health insurers you have access to, and coverage options vary from state to state. It can be a daunting process trying to find a health insurer that matches all your needs, but we’ve done the research to come up with a list of insurers that have a good reputation and perform well in the areas of policy offerings and plan choices. These 8 health insurers are some of the best options for health care coverage for 2019.

The 8 Best Health Insurance Companies to Use in 2019

01  Best for Health Savings Plan (HSA) Options: Kaiser Permanente

Kaiser Permanente is a trusted name in health insurance. It offers medical care through its managed care organization and a network of Kaiser Foundation hospitals and medical centers. It has won numerous customer service awards from J.D. Power & Associates and has excellent financial strength ratings. Kaiser Permanente offers health insurance to residents of Colorado, Georgia, Hawaii, Washington, and both Northern and Southern California, as well as those living in the Mid-Atlantic and Northwest regions. Its network includes more than 22,000 participating physicians.

If you live in Kaiser Permanente’s coverage area, you have access to several plan options including classic plans, essential plans, and advantage plans. All plan types offer the option to add a health savings Plan (HSA) option. HSA options have an individual deductible of $5,000 and a family deductible of $10,000. Depending on the plan you choose, you have access to services like unlimited doctor’s visits, no co-pay plans, after-hours care, generic prescription drugs, and online wellness tools.

02  Best Large Provider Network: BlueCross/BlueShield

The Blue Cross Association offers health insurance coverage not only in the United States but worldwide in over 170 countries. Almost 100 million Americans have their health insurance through a BlueCross/BlueShield organization. There are 39 Blue Cross health insurance organizations in the U.S. and most have A.M. Best financial strength ratings of “A+ (Excellent)” or above.

Blue Cross member s have access to plans through HMOs and PPOs. The HMO plans offer the most comprehensive plans at the greatest savings but limit doctor choices to those inside the HMO. The PPO plans, on the other hand, offer more flexibility with a great number of participating doctors. In fact, Blue Cross PPO providers are so numerous that you are likely to be close to one no matter what part of the country you live in. Blue Cross plans also give you access to HSA and FSA health savings accounts. With an FSA plan, you can save money tax-free for health insurance deductibles and other health-related expenses. The HSA plan is similar but must be used only for medically-qualifying expenses. Many people apply the funds in these plans to insurance deductibles and enjoy the benefits of lower insurance premiums with a high-deductible plan.

03  Best for Online Care: UnitedHealthCare

UnitedHealthCare has an “A (Excellent)” financial strength rating from A.M. Best and is the largest single health insurer in the U.S. It offers individual insurance that meets the Affordable Care Act (ACA) requirements for essential care. A real standout feature for UnitedHealthCare members is the access to online care, including the ability to order prescriptions online, speak with a nurse help hotline, and participate in online wellness programs. Members can also go online 24/7 to set up doctor’s appointments, file claims, and find doctors. They even have a mobile app so you can use these resources on the go.

UHC is a great choice for people who want the option to manage their health care electronically. HMO and PPO plans are available with access to healthcare savings accounts (HSA) and Flexible Spending Accounts (FSA).  Member discounts are available for hearing aids, vision services (including Lasik), and smoking cessation programs. UnitedHealthCare has a very large preferred provider network of over 790,000 participating physicians.

04  Best for Employer-Based Plans: Aetna

Aetna has an excellent reputation and is one of the largest health insurers in the U.S. It has an “A (Excellent)” A.M. Best rating and provides employer health plans to residents of all 50 U.S. states. Aetna offers affordable health insurance options that include preventive care, hospitalization, office visits, immunizations and other types of essential health care services. Members also have access to tax-free health savings account (HSA) plans. There is a large provider network, so members will be able to find an Aetna-approved provider no matter the part of the country they reside in. Network plan options allow members to see an in-network doctor or any licensed doctor, although seeing ​a network doctor will provide the greatest savings. There are numerous wellness programs available to Aetna members including gym memberships, weight-loss programs, chiropractic services, and more.

05  Best for Telehealth Care: Cigna

Cigna is a global health insurance provider and offers health insurance in 12 U.S. States: Arizona, California, Colorado, Connecticut, Florida, Georgia, Maryland, Missouri, North Carolina, South Carolina, Tennessee, and Texas. It has an “A (Excellent)” financial strength rating from A.M. Best. Its preferred provider network includes more than 500,000 participating physicians. No referrals are necessary to see an out-of-network provider although greater savings are realized by using an in-network provider.

Plan options, deductibles and co-pay options will vary by state. High-deductible plans are available along with health care savings plan options. Policyholders have access online to search plan network doctors, estimate costs, check claims status, and get insurance ID cards. There are several attractive member benefits including access to a home delivery pharmacy, health information helpline, rewards programs, flu shot information, and the Cigna telehealth connection program, which allows you access to board-certified telehealth providers including American Well and MDLIVE.

06  Best for HMO Plans: HCSC

Health Care Service Corporation (HCSC) is the largest customer-owned health insurer in the U.S. It was founded in 1936 and services more than 15 million members in its operating states of Illinois, Montana, New Mexico, Oklahoma, and Texas. (Plans and coverage options vary by state.) Wellness programs are available including an online health assessment tool, smoking cessation support, weight-loss programs, maternity programs, fitness programs, and a 24/7 nurse hotline. You can choose coverage from several plan types including HMO and PPO plans. Health savings plans are available, and you can also choose a high deductible plan to help reduce insurance premium costs.

07  Best for Wellness Care: Molina Healthcare

Molina Healthcare offers health insurance to residents of California, Florida, Idaho, Illinois, Michigan, Mississippi,  New Mexico, New York, Ohio, Puerto Rico, South Carolina, Texas, Utah, Washington, and Wisconsin. It insurers more than 3.5 million members across the United States. Coverage options, plan choices, and benefits vary by state. Many of its health plans come with no copays and cover these types of essential medical care: prenatal, emergency services, hospital care, vaccinations, lab tests/x-rays, prescription drugs, doctor’s visits, and vision insurance.

Molina has some excellent perks, wellness care, and preventive health care services for its health insurance members including unlimited doctor’s visits, a pregnancy program for high-risk mothers, a 24-hour nurse advice helpline, vouchers for 10 weeks in the Weightwatchers program, and access to over-the-counter smoking cessation products.

08  Best for Eastern States Residents: Highmark

Highmark is a regional health insurer offering coverage to several eastern U.S. states. Coverage plans and options will vary based on where you live. Tiered plans are available with gold, silver. and bronze options. Highmark has an Exclusive Provider Organization (EPO) plan which means you can only use the providers within the network. There are no health benefits for out-of-network providers. Preferred Plan Provider (PPO) options are also available. There is a wide range of deductible and co-pay options, so you are likely to be able to find a plan to meet your budgetary needs.

Highmark offers member benefits including a wellness profile, personal health digital assistant, health trackers, a symptom checker, and other health education and information. Discounts are available to members for nutrition, fitness, vision, and hearing services, as well as travel savings. Lifestyle program services are available to members who need assistance with weight loss, nutrition, exercise, stress management, behavioral health, and smoking cessation.

How to Help Clients Invest an Inheritance for Retirement

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The aging of the Baby Boomer generation means that their children and grandchildren who are currently Gen Xers or Millennials. Some estimate this coming transfer of wealth to be in the $30 trillion range. If you are a financial advisor working with clients who suddenly come into a significant inheritance, how do you help them invest this money to ensure they have a solid retirement nest egg?

Take Time to Plan
Those inheriting a significant sum of money should take a step back and come up with a plan for the money. As their financial advisor, you need to ensure that clients don’t rush into doing something ill-advised with this new found wealth. Does the client have debts to pay off? Are they on track with their savings for retirement and other life events such as college for their kids? This is the time to do a financial plan with the client to determine what their priorities are and how this money fits.

Retirement should be a priority for most clients. Given increasing longevity and the fact that defined benefit pension plans are fast becoming extinct, this will likely be a priority item for most clients who inherit money.

Beyond setting priorities there are issues such as tax planning and estate planning to consider. This isn’t to say some of the money shouldn’t be enjoyed – in fact spending some of it on some wants such as a car or that dream vacation might make the more mundane planning issues easier to handle for some clients.

There could be any number of tax and related issues. For example, all or part of the inheritance might consist of individual stocks or other investments held in a taxable account. When inheriting investments, the heirs are allowed a step-up in cost basis. This can eliminate most of the potential capital gains issues and allow all or part of the portfolio to be sold with the proceeds use to invest elsewhere if the client needs to do so to implement a more appropriate asset allocation for their financial and retirement planning needs.

Take a Step Back and Assess
As part of the planning process discussed above, each client’s situation will be different. Inheriting money in your 30s is different than if you are in your 50s. Each client’s life and financial situation will be different.

They should start by looking at their overall financial situation. Do they have the basics like an emergency fund in place? Is there a lot of debt? Are they married with children? If so, where are they in terms of college savings? Most of all what are their financial priorities?

A client in their 40s, 50s or older is closer to retirement and an inheritance might be the final push to put them on track or even over the top in terms of building their retirement nest egg. In deciding how to invest some or all of this money towards retirement the client should look at their current retirement savings in their 401(k), IRA accounts and similar vehicles. Further, how much are they currently saving for retirement?

For younger clients, the inheritance can help for retirement in a couple of ways. The extra money can allow them to fully fund their 401(k) by upping their contributions to the maximum amounts allowed and using some of the inherited money to keep their monthly cash flow where it needs to be.

Establish Priorities
Should retirement be a client’s top priority when deciding how and where to invest an inheritance? While everyone’s answer will depend upon their own situation, the fact that there are no do-overs in retirement should be considered. For example, you might point out that there are many ways to fund a child’s college education. Once you hit retirement age their options are more limited.

The right course of action will depend in part upon the size of the inheritance. A larger amount will allow the client to do more things with the money.

Avoiding Temptations
Just like those who win a prize in the lottery, recipients of an inheritance might be subject to many temptations in terms of how to spend their money. There might be pressure from family members and others to share some of the money with them. Certainly, many stock brokers and promoters of some “interesting” investment opportunities may come knocking on their door.

As their financial advisor, it is up to you to educate your client to avoid the temptations of easy riches or the guilt trips that might be laid on them by others who want a piece of their money. This isn’t to say that helping a friend or relative isn’t a good thing to do, but rather your client should do this because they want to and not for other reasons.

The Bottom Line
Receiving an inheritance can be a financial blessing for your clients. If invested well this money can leave them set for life, including retirement. Your advice and counsel is invaluable to clients in deciding how to make the most of an inheritance.

4 Ways Wealthy Men and Women Differ as Investors

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There are several key differences between how men and women invest, according to a new white paper published by Spectrem Group, High Net Worth Men vs. Women. This paper examines the different approaches taken by each gender when it comes to handling money and investments.

The paper is based upon data culled from 1,875 high net worth males and 1,277 high net worth females across the U.S., and it uncovered four main differences between how men and women dealt with their assets. Read on for how they differ—the insights can shed some light on how financial advisors can target their services toward one gender vs. another.

1. Women tend to be more conservative. While both genders indicated that they would be focusing their short-term money in stocks or stock mutual funds over the coming year, men focused on this more heavily than women. Almost half of all of the men surveyed said that they would be focusing on equities during the coming year, while only about a third of the women who were polled said that they would do so. The women said that they are slightly more inclined to lean on checking or savings accounts (56% of women compared to 52% of men).

2. Women are much less likely to be self-directed investors. The study showed a significant gap between men and women when it comes to handling their own investments. Only 31% of women said that they wanted to take a hands-on approach to investing their money compared to 39% of men. There was an even bigger difference between men and women when it comes to getting enjoyment and satisfaction out of investing their money. Nearly half of all men said that they enjoy investing compared to less than a third of women. And when it comes to taking risks, only 30% of women said that they would be willing to endure a higher level of risk in order to achieve a greater return, while 44% of men said that they would do so. And 55% of the women surveyed answered that they would like to get a guaranteed rate of return on their investments compared to 46% of men.

3. Men are less likely to seek professional advice. Spectrem’s paper indicates that women are 3% more likely than men to seek advice for specialized needs as well as regular consultations. And 2% more (15-13%) of women reported being completely dependent upon their advisors. Women are also more than twice as likely to use an accountant as their primary financial advisor than men. The study reflected that full-service brokers were the most common type of professional employed, followed by independent financial advisors. Other types of professionals used include bankers, attorneys, accountants and investment managers. But almost 40% of men reported that they don’t use any type of advisor, while just over a fifth of women fell into this category.

4. Perceptions and performance. The way that women perceive their own financial knowledge differs substantially from that of men. More than twice as many women reported having a lack of financial knowledge as men. However, a mere 2% more of the women reported having overall satisfaction with their advisor. But 74% of women reported being satisfied with their advisors’ performance, based upon the advisors’ responses to their requests and their knowledge and performance versus 66% of men.

The Bottom Line
When it comes to investments and money, men tend to take a more hands-on approach and are more likely to rely on themselves to get the job done. Women rely more on advisors and professional help for their needs and are more risk-averse than their male counterparts. Advisors who work with high net worth clients need to tailor their services accordingly in order to build stronger relationships and foster greater client loyalty.

Tips for Maximizing Social Security

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Social Security benefits are a significant income source for many retirees—and for some, they’re the only source. How significant an income source it is, however, is determined by several factors that are under retirees’ control.

If you’re nearing retirement (or are already in retirement) and haven’t yet collected Social Security benefits, make sure you fully understand the ins and outs before you fill out your application to receive money. Here are some top tips you can use to get the most out of your well-deserved Social Security benefits.

Delay Receiving Benefits
Delaying receiving benefits is the top and the most common way to maximize the money you receive. Generally, the longer you wait after you reach full retirement age (FRA), the more money you can get every month.

Full retirement age varies depending on when you were born and is defined by the Social Security Administration as “the age at which a person may first become entitled to full or unreduced retirement benefits.”

If you were born between 1937 and 1954, your FRA  is age 65 to age 65 and 10 months, depending on the exact year of birth. If you were born between 1943 and 1954, you FRA is 66. Birth years from 1955 to 1959 range from 66 and two months to 66 and 10 months. A person born in 1960 or later reaches FRA at 67.

While it’s true that you’ll receive more money from Social Security if you wait several years to receive benefits until after you reach full retirement age, it’s also true that your benefits will be reduced if you choose to receive them before full retirement age.

“When to Start Receiving Retirement Benefits,” a publication from the Social Security Administration, gives an example of someone who has a full retirement age at 66 with an assumed benefit of $1,000 per month. If they take their Social Security benefits early at age 62, their monthly benefit would go down to $750 per month. However, if they were to wait and take their Social Security benefits at age 70, their monthly benefit would go up to $1,320 per month.

Take Advantage of Marital Social Benefits
If you’re married, there are still a few ways to further maximize your Social Security benefits with your spouse if you fit into some new and stringent deadlines. You can claim benefits based on your own earnings, or you can choose to receive up to 50% of the amount that your spouse receives. Keeping this in mind, there are a couple of strategies.

One strategy is to restrict an application. In this scenario, you might be the higher income earner, but you didn’t make so much money that your spouse would be best off with spousal benefits. You might want, in this situation, for your spouse to claim Social Security benefits first. You can get the spousal benefit and allow your benefits to grow until you are age 70. Once you reach that age, you can apply for benefits. Your spouse can either continue taking their own benefit or take the spousal benefit if that is now higher.

Invest Your Benefits Check
While many retirees focus on how to get the most out of their Social Security benefits, don’t forget to consider how you can actually invest the money you receive to make even more money.

Delaying Social Security benefits is a fantastic idea if you know that you’re going to get an 8% return on your benefit. But what about once you receive the money? Should you spend it? Do you have to spend it? Perhaps not.

If you have a 401(k) or other retirement benefits from your working years, why not try to live off of those and invest your Social Security checks for the future? It’s not a bad idea. In fact, it could save you from having to go back to work if you encounter a number of unexpected expenses during retirement.

Try this: Use a life expectancy calculator to get a rough idea of how much longer you’ll live. If you’re just now retiring, you might have another 20 years to cover with your income. Let this sink in – 20 years is a long time! A lot can happen between now and then, and you’re going to want to be financially prepared.

If you can live on less money than you’re bringing in, invest as many Social Security dollars you can into your future. Seek the help of a financial advisor who can walk you through the process of investing. A good financial advisor will put your money into conservative investments designed for your risk tolerance and goals.

The Bottom Line
Utilizing any or all of these three strategies will help you get the most out of your Social Security benefits and help you have a retirement without basic financial worries. Of course, you should consider enlisting a financial advisor to help walk you through these strategies and to recommend solid investing strategies.

Tips for Handling Married Couples Finances

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If you don’t think that money can be a stumbling block on the quest for true love, maybe you just haven’t watched enough romantic comedies. From the 1930s to the present, rom-coms are chock full of marrying for money (or breaking up based on the lack of it), lavish expenditures, bankruptcies, rich fathers, maxed out credit cards and — lately — student loans and post-Recession economic woes.

Just as in the movies, it doesn’t seem to matter whether the stress in your relationship comes from having too much money or not having enough. In fact, according to a 2015 survey by SunTrust bank, nearly half of couples — regardless of income — reported that their spending habits were different from their partner’s. That discrepancy may understandably cause relationship stress. Over a third of survey respondents claimed that money was at the root of their problems.

That gives financial advisors a front-row seat on couples’ money drama: from clashing expectations and different values to circumstance-driven stressors like lost jobs, bad investments and unforeseen medical expenses. Even what might be assumed to be a positive — a family inheritance, investment property or a trust fund — can easily drive a wedge between a couple if they don’t share the same perspective on how to manage the asset.

Here are a few proactive ways to ensure that your strategy for managing couples in discord rises above mere damage control. (For related reading, see: How Advisors Can Help Couples Agree on Finances.)

Become a Psychologist
As an advisor, you probably already know that conflicts about money are often really about issues other than money. By asking questions that help you get to know a couple — about their dreams, goals, interests and backgrounds — you’ll have a more global perspective to draw upon when friction does arise. If one spouse’s retirement dream is buying a yacht and the other’s is moving to Hawaii to save endangered sea turtles, your job is to find a reasonable way to convert those dreams into a single, actionable plan with solid financials. Understanding what motivates and drives each person will help you not only build and protect their assets, but it will also stave off a situation where one spouse feels that their goals and desires are compromised.

That psychologist’s mindset extends to your clients’ family background. A successful client who scrupulously saves — yet refuses to invest in more profitable, higher-yield funds — may harbor fear of loss and risk that comes from a poverty-stricken childhood or a parent who gambled away the family home. Remember that with couples, you’re dealing with two separate adults with complex family histories that may be widely divergent in how they dealt (or neglected to deal) with finances. Being sensitive to hot-button emotional issues will allow you to help couples feel they’re on the same team with the same goals, regardless of how they were raised to deal with money. (For more, see: Top 6 Marriage-Killing Money Issues.)

Open Up a Dialogue
When friction about money arises between two people, it doesn’t always reflect something deeper than a simple lack of communication. That’s why asking questions is so important: advisors who open up a dialogue between a couple facing money issues may find that even basic questions may have gone unaddressed.

Misunderstanding may be more the result of benign ignorance than that of actual disagreement. Sometimes it takes an outside party to help address what is unsaid but may be the proverbial elephant in the room, stealthily undermining a couple’s financial goals. You may be surprised by how many couples, prior to marrying or moving in together, fail to directly address expectations around debt, budgets, and each partner’s role contributing to the family income. While 41% of couples in the SunTrust survey reportedly took more than three months to discuss financial issues, 7% admitted that they never discussed finances at all.

Be Observant
Much of what couples say about money while meeting with an advisor may not be said at all. Watch for telltale body language like crossed arms — a classic defensive pose — or eye rolls, which usually spell frustration at best and disrespect at worst. Rather than confronting such behavior, a nonjudgmental acknowledgement of a client’s feelings helps to dissolve tension and encourage the frustrated party to speak up. (For related reading, see: Kids or Cash: The Modern Marriage Dilemma.)

Write it Out
If a couple simply won’t open up during conversation, ask them to separately write down their financial goals. The act of writing, especially by hand, can encourage objectivity and empathy. People are more apt to reflect when they write, whereas speaking can lend itself to more impulsivity, which can lead to the kind of heated discussions that are ultimately unproductive for your clients — and for your business relationship.

The Bottom Line
When couples dig in their heels, it may be time to focus on the numbers. Perhaps each spouse refuses to compromise on their ideals: one wants to save their money for travel in retirement and send the kids to in-state public schools, the other wants to sink the bulk of it into college savings funds to bankroll pricey tuition at the mother’s Ivy League alma mater. While these spouses may be unwilling to give up ground when the conflict is framed like this, they’re more likely to open up dialogue about cold, hard numbers. By sticking to the figures, you might surprise your clients by finding a solution that humors them both — without ever picking ideological sides. (For related reading, see: How to Advise Clients Who Marry Later in Life.)

The Biggest Oil Producers in Asia

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Asia accounted for more than 9.2% of the world’s oil production in 2014. The region was led by China and India, the world’s fourth and 20th biggest oil-producing nations, respectively. In recent years, Asia’s share of world oil production has been on a slow but regular decline. This is primarily a consequence of flat regional oil production during a period of rising overall global output.

In the five years from 2010 to 2014, Asian oil output rose slightly from about 8.5 million barrels per day in 2010 to just over 8.6 million barrels per day in 2014. During the same period, world oil production grew more than 5%, from about 88.1 million barrels per day to about 93.1 million barrels per day. While a number of countries in the region have discovered large new reserves, others face declining production from aging oil fields. Consequently, analysts expect recent production trends to continue for the region as a whole.

1. China
China is the biggest oil producer in the region by a substantial margin, accounting for nearly 4.6 million barrels of oil per day in 2014. It is responsible for nearly 53% of Asia’s total production. According to the U.S. Energy Information Administration (EIA), Chinese oil production has grown every year since 1981 without exception. In the most recent five-year period from 2010 to 2014, production grew a total of about 4.6%.

The oil industry in China is led by several of the largest energy companies in the world: China Petroleum and Chemical Corporation, known as Sinopec; China National Offshore Oil Corporation, or CNOOC; and China National Petroleum Corporation, or CNPC. In 2014, these three companies combined to produce a total of over 1.4 billion barrels of oil in China, more than 85% of the country’s total annual production. In the same year, the companies combined to produce an additional 630 million barrels of oil in dozens of countries around the world.

2. India
India accounted for production of about 978,000 barrels of oil per day in 2014, the fifth year in a row daily production neared but did not clear the 1 million barrel mark. While production growth has essentially flatlined in recent years, oil consumption in India continues to grow by leaps and bounds. National oil consumption reached nearly 3.7 million barrels per day in 2013, the most recent year for which data is available. In the five years from 2009 to 2013, Indian oil consumption grew a total of more than 19.3%, far outpacing domestic production. As of 2013, India is the fourth largest oil importer in the world.

Oil production in India is dominated by the state-owned enterprise, Oil and Natural Gas Corporation, which accounted for roughly 60% of domestic production in 2013. An additional 27% of Indian oil is produced by Cairn India Limited, the Indian subsidiary of the British oil and gas company, Cairn Energy PLC.

3. Indonesia
Indonesia comes in just behind India with production of about 911,000 barrels per day in 2014. In the 1990s, when production was at a high, Indonesia produced between 1.5 million and 1.7 million barrels per day. Since that period, however, production has followed a nearly unbroken downward trend to the current level. In 2009, the combination of declining production in aging oil fields and rising domestic demand led Indonesia to exit Organization of the Petroleum Exporting Countries (OPEC), of which it had been a member since 1962.

PT Chevron Pacific Indonesia, a subsidiary of the American energy giant Chevron Corporation, is Indonesia’s biggest oil producer, accounting for about 40% of production in 2014. Indonesia’s state-owned energy company, PT Pertamina, was responsible for an additional 26% of the country’s production. Foreign oil companies including Total SA, ConocoPhillips Co. and CNOOC are also significant producers.

4. Malaysia
Malaysia produced about 697,000 barrels of oil per day in 2014, most of which was extracted from offshore fields. Over the course of more than two decades since 1991, production in the country fluctuated between 650,000 and 850,000 barrels per day. According to the U.S. EIA, recent downward production trends can be attributed largely to declining output on aging oil fields. The Malaysian government is responding by encouraging investment in recovery technology and new field development.

Petroliam Nasional Berhad, also known as Petronas, is Malaysia’s state-owned energy corporation. It controls all oil and gas resources in the country and is responsible for development of those assets. International integrated oil and gas companies, such as Exxon Mobil Corporation, Murphy Oil Corporation and Royal Dutch Shell plc, are involved with Petronas in oil production activities in Malaysia, including partnerships in enhanced oil recovery projects on aging oil fields.

5. Thailand
Oil production in Thailand has trended upward in recent years, rising from about 390,000 barrels per day in 2010 to nearly 502,000 barrels per day in 2014. This performance continues a nearly unbroken growth trend that began in 1980 when the country produced only 1,300 barrels per day. Despite this growth, Thailand must import large quantities of oil to meet its domestic demand. In 2013, Thailand consumed nearly 1.2 million barrels of oil per day, requiring net oil imports on the order of 700,000 per day to meet demand.

Chevron is the biggest oil producer in Thailand. It operates Thailand’s largest oil field, Benjamas, and has investments in many other important production sites in the country. Thailand’s state-owned oil company, PTT Exploration and Production, is the country’s second-largest oil producer. Other international companies involved in oil production in Thailand include Coastal Energy Company and Salamander Energy plc.

6. Vietnam
Vietnam has maintained oil production volumes between 300,000 and 400,000 barrels per day since 2000. Its daily production in 2014 amounted to about 316,000 barrels. In 2011, offshore exploration and drilling activities raised Vietnam’s proven oil reserves from 600 million barrels to 4.4 billion barrels, rocketing it into third place in Asia after China and India. Industry analysts expect further discoveries as exploration of Vietnam’s offshore waters continues.

Vietnam’s state-owned oil and gas company, PetroVietnam Gas Joint Stock Corporation, is involved in all oil production in Vietnam via its production subsidiary, PetroVietnam Exploration Production Corporation, and its joint ventures with international oil companies. Chevron, Exxon Mobil and the Russian company, Zarubezhneft OAO, are several of the largest international producers operating in Vietnam.

The Biggest Oil Producers in Africa

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The African continent is home to five of the top 30 oil-producing countries in the world. It accounted for more than 8.7 million barrels per day in 2014, which is about 9.4% of world output for the year. This level of production is down somewhat from the heights of 2005 to 2010 when African production topped 10 million barrels per day, including a high of nearly 10.7 million barrels per day in 2010. As of 2015, declines are due mostly to political and civil instability and violence in many of Africa’s biggest oil-producing countries.

1. Nigeria
Nigeria produced more than 2.4 million barrels of oil per day in 2014 to rank as the 13th-largest oil producer in the world. The country has produced between 2.1 million and about 2.6 million barrels per day for the last 18 years. Fluctuations in annual oil production, especially since 2005, can be attributed largely to security problems connected to violent militant groups in the country. While Nigeria is home to the second-largest proven oil reserves in Africa, the U.S. Energy Information Administration (EIA) reports that security issues and other business risks in the country have reduced oil exploration efforts.

The state-owned Nigerian National Petroleum Corporation (NNPC) is responsible for regulating Nigeria’s oil and gas sector, and for developing its oil and gas assets. The NNPC relies heavily on international oil companies to fund development and provide expertise. Most large onshore oil production operations in the country are organized as joint ventures between the NNPC and private oil firms, with the NNPC as majority owner. Comparatively costly and complicated offshore oil developments are typically organized under production-sharing contracts, the terms of which can be adjusted to provide appropriate incentives to international operators. The largest international oil companies operating in Nigeria include Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell plc, Total S.A. and Eni S.p.A.

2. Angola
Angola produced nearly 1.8 million barrels of oil per day in 2014, continuing a period of fluctuating production that began in 2009. Prior to 2009, the country achieved seven consecutive years of production gains in the oil sector, raising the average output from 742,000 barrels per day to nearly 2 million barrels per day. These gains were primarily the result of new production from deepwater oilfields offshore. Most oil production in Angola takes place offshore, as violence and conflict have limited exploration and production activities onshore.

The Sociedade Nacional de Combustiveis de Angola, also known as Sonangol, is Angola’s state-owned oil company. It oversees virtually all oil and gas development in the country. Most exploration and production operations in Angola are headed by international oil companies operating in joint ventures or under production-sharing agreements with Sonangol. Some of the biggest oil companies in Angola include Chevron Corporation, Exxon Mobil Corporation, Total S.A., Statoil ASA, Eni S.p.A. and China National Offshore Oil Corporation, also known as CNOOC.

3. Algeria
Algeria produced just over 1.7 million barrels of oil per day in 2014 to maintain its position among the top tier of African oil producers. However, 2014 marks the second consecutive year of falling production in the country, amounting to a total of more than 150,000 barrels per day of lost production. According to the EIA, these declines are primarily a result of delayed investments in new infrastructure and new production projects. In the nine years prior to 2013, Algerian oil production was fairly consistent, averaging around 1.9 million barrels per day. In addition to its substantial oil output, Algeria also ranks as the top natural gas producer in Africa.

Entreprise Nationale Sonatrach is Algeria’s state-owned oil and gas company. Under the Hydrocarbon Act of 2005 and its subsequent amendments, Sonatrach must retain a minimum of 51% equity in all oil and gas projects in the country. As of 2014, Sonatrach controls approximately 80% of oil and gas production in the country. International oil companies make up the remaining 20%, albeit through joint ventures and similar arrangements with Sonatrach. International oil majors involved in Algerian oil production include BP plc, Repsol S.A., Total S.A., Statoil ASA, Eni S.p.A. and Anadarko Petroleum Corporation.

4. Egypt
Egypt produced 668,000 barrels of oil per day in 2014, the fourth consecutive year of falling production. Declines totaled about 9.3% during that period, which is especially problematic given the 3% annual growth in oil consumption in the country during the last decade. According to the EIA, the decline in Egyptian production is mostly attributable to maturing oil fields. Exploration activities continue in the country in the hopes of boosting domestic production to keep up with ever-increasing domestic demand.

Egypt’s state-owned oil company, Egyptian General Petroleum Corporation (EGPC), controls all oil production in the country. EGPC partners with a number of international oil companies in offshore and onshore production operations in Egypt. Eni S.p.A. and BP plc are major shareholders in offshore Egyptian production assets. The American oil company Apache Corporation is a partner in production assets in Egypt’s Western Desert.

5. Libya
Libya produced about 516,000 barrels of oil per day in 2014, a decrease of more than 47% from the previous year. This decline was primarily a result of national protests that broke out in 2013. The country saw even more severe disruptions in oil supply during the Libyan civil war in 2011, when production declined from about 1.8 million barrels per day in 2010 to a daily average of 500,000 barrels the next year. Prior to 2011, Libya maintained oil production above 1.7 million barrels per day for six consecutive years. The country contains proven reserves of oil amounting to about 48 billion barrels, which is the most in Africa.

The state-owned National Oil Corporation has controlled the oil and gas sector in Libya for many years. However, the civil unrest in the country has precipitated a power struggle that has yet to be concluded as of September 2015. International oil companies were active in Libyan oil production prior to this period, but the future will remain cloudy until the instability is resolved. International oil companies with operations in Libya include ConocoPhillips Co., Repsol S.A., Total S.A., Eni S.p.A. and Occidental Petroleum Corporation.

The Biggest Oil Producers in the Middle East

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The Biggest Oil Producers in the Middle East

The Middle East was responsible for producing nearly 27.9 million barrels of oil per day in 2014, about 30% of world production. The region includes four of the top eight oil-producing countries in the world and six of the top 14. Most oil production in the Middle East is dominated by state-owned enterprises. However, many international oil companies engage in oil production and related activities across the region through joint ventures, production-sharing agreements and other business models.

1. Saudi Arabia
Saudi Arabia produced more than 11.6 million barrels of oil per day in 2014, nearly 12.5% of world output or about one out of every eight barrels. The country ranked as the world’s biggest oil producer in the decade from 2003 to 2012, after which it fell to second place due to surging oil production in the United States. Saudi Arabia remains the world’s largest petroleum exporter. With proven oil reserves of about 266 billion barrels and relatively low production costs, Saudi Arabia should maintain its position as a top-three oil producer for the foreseeable future.

Saudi Arabia’s oil and gas industry is controlled by Saudi Aramco, which is itself controlled by Saudi Arabia’s Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals. Saudi Aramco is not publicly traded. Although international oil companies do not participate in oil production in Saudi Arabia, several companies partner with Saudi Aramco in joint-venture refineries and petrochemical plants in the country. These partners include Exxon Mobil Corporation, Royal Dutch Shell plc, Sumitomo Chemical Co., Ltd. and Total S.A.

2. United Arab Emirates
The United Arab Emirates (UAE) is a federation of seven emirates, including Dubai and the capital of the federation, Abu Dhabi. UAE produced nearly 3.5 million barrels of oil per day in 2014 to rank as the world’s sixth-biggest producer. Each of the seven emirates controls oil production within its borders. However, Abu Dhabi is home to about 94% of the proven oil reserves in UAE territory and, thus, it has an outsized role in establishing the federation’s oil policy.

The state-owned Abu Dhabi National Oil Company (ADNOC) controls oil production operations in Abu Dhabi under the direction of the emirate’s Supreme Petroleum Council. Most oil production in Abu Dhabi is organized under production-sharing agreements between ADNOC and international oil companies. Other emirates utilize similar production-sharing agreements and service contracts to organize oil production. Some of the biggest international companies involved in UAE oil production include BP plc, Royal Dutch Shell plc, Total S.A. and Exxon Mobil Corporation.

3. Iran
Iran produced about 3.4 million barrels of oil per day in 2014, the third consecutive year of depressed production. Prior to 2012, Iran produced more than 4 million barrels of oil per day for eight consecutive years. Most of the recent production downturn can be attributed to the effects of international economic sanctions placed on Iran during this period. According to the U.S. Energy Information Administration (EIA), sanctions have had especially severe effects on upstream oil and gas investment, including numerous cancelled investment projects.

In July 2015, Iran came to an agreement with the permanent members of the U.N. Security Council and Germany on the Joint Comprehensive Plan of Action (JCPOA), in which Iran agreed to strict limits on its nuclear program in exchange for the removal of international economic sanctions. As of September 2015, implementation of the agreement on Iran’s part is expected no earlier than the first half of 2016. Once Iran has met all of its initial obligations with respect to the JCPOA, sanctions are to be lifted.

Oil and gas production in Iran is controlled by the state-owned National Iranian Oil Company (NIOC) under the direction of the Supreme Energy Council. While the Iranian constitution bans private or foreign ownership of the country’s natural resources, international companies have historically participated in oil exploration and development in the country through buyback contracts, a contract model that does not convey equity rights to the international company. According to the EIA, Iran is in the process of developing new oil contract models to attract foreign investments once sanctions are lifted. Other reports suggest Iran plans to invite a number of international oil majors to do business in the country, including ConocoPhillips Co., Exxon Mobil Corporation, Royal Dutch Shell plc and Total S.A., among others.

4. Iraq
Iraq produced nearly 3.4 million barrels of oil per day in 2014, just a few thousand barrels per day fewer than Iran. The country has achieved production gains in every year since 2005, two years after the start of the Iraq War. Production in 2014 was higher than any other year since at least 1980, when the country produced just more than 2.5 million barrels per day. The EIA reports that ambitious development plans are in place to increase oil production in Iraq to as many as 9 million barrels per day by 2020. However, the country faces numerous challenges that could limit progress toward these goals, including political instability, continuing violence and inadequate infrastructure.

Oil production in most of Iraq falls under control of the Ministry of Oil in Baghdad. The Ministry operates through several state-owned companies, including the North Oil Company, the Midland Oil Company, the South Oil Company and the Missan Oil Company. In the autonomous Kurdistan region of Iraq, oil production is controlled by the local Ministry of Natural Resources. Well more than a dozen major international oil companies are involved in Iraqi oil production. U.S. and European oil majors include Exxon Mobil Corporation, Occidental Petroleum Corporation, BP plc, Royal Dutch Shell plc and Total S.A. Other international oil giants in Iraq include China National Petroleum Corporation, known as CNPC; China National Offshore Oil Corporation, known as CNOOC; Malaysia’s Petroliam Nasional Berhad, known as Petronas; and Gazprom Neft OAO.

5. Kuwait
Kuwait produced almost 2.8 million barrels of oil per day in 2014, placing it just outside the top 10 oil producers in the world. It has maintained consistent production of between about 2.5 million and 2.8 million barrels per day for more than a decade. However, according to the EIA, Kuwait has been struggling to raise production to 4 million barrels per day during this period, falling short due to inadequate foreign investment and related delays in new oil production projects.

The Ministry of Petroleum carries out oil policy in Kuwait through the state-owned Kuwait Petroleum Corporation and its subsidiaries. International oil companies have long been denied access to Kuwait because the Kuwaiti constitution does not allow foreign companies ownership stakes in Kuwaiti natural resources, or the revenues associated with those resources. This means standard joint ventures and production-sharing agreements used in other countries are outlawed in Kuwait.

In 1988, the Ministry of Petroleum spearheaded a plan to increase oil production in Kuwait by attracting international operators through the use of incentivized contract models allowable under the constitution. However, the country’s National Assembly, which is responsible for approving all such contractual agreements, is not fond of the program and has delayed its implementation for years.

The US States That Produce the Most Oil

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The US States That Produce the Most Oil

A boom in oil production is profoundly changing the U.S. economy and impacting worldwide energy markets. As of 2015, 90% of U.S. oil production, excluding federal offshore drilling, comes from eight states: Texas, North Dakota, California, Alaska, New Mexico, Oklahoma, Colorado and Wyoming. The surge in U.S. output is due in large part to the wide use of horizontal hydraulic fracturing, or fracking, as new technologies give drillers access to some of the largest oil deposits in the world that were once too tight to exploit. Fracking is controversial as some believe the chemicals injected into the wells lead to extensive pollution of the water supply. Some also argue the unconventional horizontal drilling awakens dormant faults, causing earthquakes.

With domestic crude oil production averaging 9.4 million barrels a day over the first six months of 2015, the United States bypassed Russia and Saudi Arabia as the world’s largest producer of crude oil. This increased production is attracting manufacturers back to the U.S. Producing 90% of the energy it consumed in 2014, the U.S. imported less foreign oil every year from 2005 to 2015. Investors looking to get into the domestic energy markets may want to pay attention to shale drillers such as Exxon Mobil Corporation and Chesapeake Energy Corporation, which spent about $120 billion in 2014 in the U.S., more than double the amount spent five years earlier.

Texas

While other states have seen a boom in recent years, Texas is still the epicenter of the U.S. oil industry, with 27 operable refineries, more than any state. Texas produced 1.2 billion barrels of oil in 2014, which accounted for 36% of total U.S. output, and the state has almost one-third of all proven oil reserves with 10.5 billion barrels. If Texas were its own country, it would be the sixth-largest oil producer in the world. With increasing horizontal drilling of the state’s Eagle Ford Shale and Permian Basin, Texas is ramping up production, averaging 3.6 million barrels a day in 2015, up from 3.1 million in 2014. For those looking to invest in Texas, Exxon and Houston-based AT&T, Inc. are a good start.

North Dakota

The North Dakota oil boom is completely transforming the western portion of the state, which rests atop the Bakken Shale formation and the Williston Basin, two of the largest oil reserves in the world. Companies such as Whiting Petroleum Corporation, Continental Resources, Inc. and Hess Corporation are among the largest players in the region making these deposits profitable with the technological advancements in fracking. With oil production increasing by 1,000% between 2003 and 2015, North Dakota has 5.7 billion barrels of proven reserves and produced 397 million barrels in 2014. When combined with output from Texas, the two states provide half the entire U.S. oil output.

California

Excluding federal offshore areas, California ranked third in the nation in crude oil production with over 200 million barrels in 2014. Despite an overall decline in production since the mid-1980s, California has 2.9 billion in proven reserves, behind only Texas and North Dakota. California ranks third in the nation in petroleum refining capacity and accounts for more than one-tenth of the total U.S. capacity. To meet strict federal and state environmental regulations, California refineries are configured to produce cleaner fuels, and they often operate at or near maximum capacity because of the high demand for these petroleum products.

Alaska

While oil production has slowed in recent years in response to enhanced exploration and drilling in the plains, Alaska is still one of the largest oil-producing states with 181 million barrels of output and 2.9 billion barrels in reserve in 2014. The North Slope contains more than a dozen of the largest oil fields in the U.S. Although production has fallen to less than 300,000 barrels per day from its peak of 1.6 million barrels per day in 1988, the region is still one of the most profitable for ConocoPhillips Co.

Oklahoma

Production in Oklahoma has more than doubled since 2005 to more than 128 million barrels in 2014, pushing its way into the top five of the most productive oil-producing states. Oklahoma is the intersection of many of the largest national pipelines. The small city of Cushing is home to the world’s largest oil storage facility, where one-fifth of the country’s commercial crude oil is stored and where the primary U.S. oil price, known as West Texas Intermediate, is determined. Oklahoma City-based Continental Resources, Inc. has a leading presence in the Anadarko Woodford play, and Oklahoma is actively expanding its shale operation throughout the plains.

New Mexico

Thanks to horizontal drilling, primarily in Lee and Eddy counties in the southeastern part of the state, New Mexico’s oil production has more than doubled since 2009, seeing an incredible 30% jump from 2012 to 2013 alone. By producing 124 million barrels in 2014 and with 1.2 billion barrels in reserve, oil production is clearly one of the most important drivers of the state’s economy. This region comprises a confluence of conventional formations and newer shale formations that are shared with Texas’ Permian basin region.

Colorado

While other states may get more publicity about the booming oil industry, Colorado has seen a dramatic increase with production tripling from just 30 million barrels in 2009 to over 94 million in 2014, or about one of every 50 barrels of U.S. output. New production is coming from the Niobrara Shale formation in the Denver-Julesburg Basin in northeastern Colorado. With experts estimating that approximately 2 billion barrels of oil are recoverable from the Niobrara, Colorado’s oil reserves of 896 million barrels are sure to increase.

Wyoming

Thirty-nine percent of U.S. coal comes from Wyoming and is the focus of the state’s energy industry, but oil production continues to increase thanks to ongoing drilling of the Niobrara Shale formation. Wyoming produced 760 million barrels in 2014, with 723 million barrels in reserve. EOG Resources, Inc. is one of the most aggressive drillers in the region with plans to expand with hundreds of new wells.