It’s hard to quantify the impact of the oil and gas industry on the global economy. As one of the primary energy sources for various commercial and industrial activities, nearly every sector of the economy depends on gas and oil.
Oil-producing nations bring in hefty revenues through exports. In fact, some countries’ economies are almost entirely supported by these energy sources. You may not know that the United States was the top oil producer in 2015, producing 12.7 million BPD of crude.
Twenty-eight percent of the top 25 companies in the industry today are located in the US. These statistics point to the oil and gas business’s continued role as the largest and most profitable industry.
Here’s what you need to know about one of the most important energy sources worldwide and its many economic benefits.
Economic Benefits of Oil and Gas on the World Economy
Did you know that natural gas and oil combined make up more than half of the planet’s energy? As a result, they remain essential resources. Without them, nations would quickly grind to a halt.
While “sustainable” and “renewable” energy sources have become the focus of many today, these “green” sources have proven unable to support the world’s energy needs. There are several reasons for this. These energy sources either prove unreliable, overly complicated, or prohibitively expensive.
Without the oil and gas industries, many nations around the world couldn’t support their daily operations. The US falls into this category.
The Vital Importance of Energy Independence
The United States cannot remain energy independent without a robust gas and oil industry. What’s more, the nation’s future remains dependent on this industry’s health and strength. For these reasons, the US must invest in further drilling and pipelines.
With the proper updates to infrastructure, the nation will prove well-poised for a role as a significant exporter worldwide. In return, the oil and gas industry will better the economic outlook of the country.
After all, low gas prices have always been directly associated with the health of the American economy. This interview with CEO Adam Ferrari delves more deeply into the critical importance of this oil and gas industry in the US.
Oil and Gas Industry News
The oil and gas industry plays a vital role in the world economy. Just about every industry on the planet relies on oil and gas in some way. For this reason, dealing in this energy resource proves a highly lucrative business for the nations around the world with oil deposits.
This industry is also essential to ensuring America achieves and maintains energy independence. A fantastic wealth generator, oil and gas employ tens of thousands of men and women. In other words, the industry is essential to what makes America great.
For these reasons, it behooves you to stay on top of the latest news coming out of the energy sector. Where can you turn to learn about the oil and gas business? Browse our blog for the news you need about the energy sector.