Oil is the blood of the current economy. It powers a modern society. It supplies power to the industry, gives warmth to homes and fuels vehicles and airplanes. Without oil, it would be much harder to transport goods and people all over the world. Not only that, we will not have many of the items we rely on every day. This includes glue, syringes, cosmetics, bottles, paint, deodorants and so much more. The world would be much more difficult without an indispensable resource.
Issues about environmental hazards and climate change might pose a threat to the oil and gas industries. Environmentalists are looking for ways to create more renewable resources. Say for instance, there is Elon Musk. He is striving to replace the oil and gas industry with renewable energy. More and more people now continue to embrace the green mentality. News and articles about climate change ignite people’s desire to have more renewable resources. Will this mark the end of the oil and gas industry?
Elon Musk’s pleas
Elon Musk is arguably the most influential person today who hates fossil fuel. He is on a mission to hasten the industry’s demise. Musk talked about this at the World Energy Innovation Forum at the Tesla Factory in California three years ago. He talked about his plans against the oil and gas industries such as:
- People having to revolt and fight against fossil fuel propaganda.
- Reiterating calls for a robust carbon tax.
- Increase subsidy for electric vehicles over standard gasoline cars.
Despite his concerns, public demand for electric vehicles has been increasing over the past ten years. In fact, the global stock of electric passenger cars passed five million in 2018. That’s a 63% increase from the previous year. By 2040, Electric Vehicles are set to represent 35% of all car sales.
Musk has become an inspiration to many environmentalists and consumers alike. He announced recently that he would renounce fossil fuel advertising. His company became the first major global news organization to ban receiving money from fossil fuel companies.
The strength of the oil and gas industry
As the world population and technology grow, the demand for energy increases exponentially. The number of BBL (barrel of crude oil) required to meet these demands may need to be higher than the current levels. This means the demand for oil will continue to increase. Oil and gas industries will continue to be strong at least for the next four decades. According to Pierre E. Conner III, executive director of the Tulane Energy Institute, “Oil and gas will be a major component of our energy consumption for many years to come.”
Fossil fuel has dominated energy production over other resources. 35% of the world’s energy was produced by oil and gas in 2018. Even the most bull-headed environmentalist cannot deny that we still need the oil and gas industry to live our day-to-day lives.
Oil will last forever… but not without struggles
Whichever perspective you support, oil and gas will continue to stay forever. Despite what Elon Musk says, renewable energy still has a long way to go. Finding a replacement to provide a solution to produce what oil and gas can give is an enormous task. However, the continued efforts of Musk and other environmentalists can give the oil and gas companies headaches. As if Musk is not enough, there is a lot more to take care of for oil and gas companies to continue prospering. This includes taking care of the employees’ COI. Keeping track of a COI can give you as much of a headache as Musk can give. Nevertheless, you can easily solve this by using a reliable certificate of insurance tracking software.
This is the fight for our future. Who do you think will win? Can renewable energy overpower the oil and gas industries? On the other hand, will renewable energy bite the dust?