The oil and gas industry is responsible for much of the industrialized world’s ability to travel and heat their homes. It is also an industry that is under constant criticism regarding environmental impact and overall worker safety.
Current State of Oil and Gas Industry
The oil and gas industry powers 100% of the transportation the world uses today.
Over the last century, the world has developed its industrialized economy based on the impact of oil. If anything, the world is over-reliant on the oil and gas industry for the survival of the modern lifestyle. Without this industry, there is no doubt that the world would be a very different, much colder place to live.
Essential Facts About the Oil and Gas Industry
1. Oil is responsible for 33% of the world’s primary energy supply. When you add in the natural gas component of this industry, it accounts for over half of the world’s energy that is used daily.
2. Transportation accounts for more than 15% of the world’s total GDP, of which the oil and gas industry is directly responsible for providing the means and opportunity to make happen.
3. The natural gas pipes that are installed in the United States would stretch to the moon and back at least 7 times.
Takeaway: The scariest thought is this: without oil or natural gas flowing, it is entirely feasible for every major economy on the planet to completely collapse within months. Outside of food production and fresh water, oil is the most important commodity that the world has right now. Life can exist without oil, but it cannot exist the way it is today without it.
Additional Facts About the Oil and Gas Industry
1. 40% of the world’s tanker traffic across the oceans is related to the oil and gas industry.
2. There is a greater biomass of oil products transported on the ocean waves every year than there is in the total fish biomass that exists.
3. There is no viable replacement to the oil and gas industry that exists today nor will exist within the next two or three generations: renewable energy sources account for just 0.07% of total energy produced.
4. In 2010, worldwide oil production was 82 million barrels per day. The United States accounted for using 1/8th of these totals daily.
5. The difference in power generation when comparing oil and solar is greater than the difference of a bicyclist racing an F1 race car.
6. Solar power could double every year for the next century and still not catch up to the magnitude of the oil and gas industry.
7.There is a direct correlation between oil consumption and quality of life around the world.
Takeaway: Unfortunately there is no real alternative to the oil and gas industry, even if there is a large media impact about using renewable sources. This makes conserving oil a higher priority and managing how much is wasted. Ultimately, oil is about wealth. You can do the math: 82 million barrels of oil per day at $100 per barrel means that oil production alone is an almost $3 trillion per year industry in direct purchases. When you then consider how much is produced because of oil, including this article, the figures encompass a large majority of the global GDP. That’s why having no oil flowing would literally destroy the world as we know it.