Petroleum engineering has become a technical profession that involves extracting oil in increasingly difficult situations as the "low hanging fruit" of the world's oil fields are found and depleted. Improvements in computer modeling, materials and the application of statistics, probability analysis, and new technologies like horizontal drilling and enhanced oil recovery, have drastically improved the toolbox of the petroleum engineer in recent decades.

The Society of Petroleum Engineers is the largest professional society for petroleum engineers and publishes much information concerning the industry. Petroleum engineering education is available at 17 universities in the United States and many more throughout the world - primarily in oil producing states - but not only top producers, and some oil companies have considerable in house petroleum engineering training classes.

Petroleum engineers have historically been one of the highest paid engineering disciplines; this is offset by a tendency for mass layoffs when oil prices decline. According to a survey published in Dec 2006 the average income was $116,834.

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