Why is oil & gas so important in our lives?
It is the lifeblood of the industrialized world. Oil & gas provide fuel for industries to transport goods and people all over the world. Natural gas is the most important source of supplying energy to the power industry which heats and cools our homes.
Without them, factories would stop running, cars, trains, ships, and airplanes would be grounded, farms and manufacturing would come to a standstill. Oil & gas are the most important raw materials we have and is used to make thousands of everyday products.
The oil & gas industry is also important for the number of jobs it provides. Local and state governments and the U.S economy depend on it.
EIA projects nearly 50% increase in world energy usage by 2050, led by growth in Asia.
The U.S. Energy Information Administration (EIA) projects that world energy consumption will grow by nearly 50% between 2018 and 2050. Most of this growth comes from countries that are not in the Organization for Economic Cooperation and Development (OECD), and this growth is focused in regions where strong economic growth is driving demand, particularly in Asia.
Natural Gas Has Made the U.S. an Environmental Leader
Natural gas is an important tool in the suite of greenhouse gas emissions reduction options available to the United States. Natural gas will continue to benefit our nation as states move to further reduce carbon dioxide emissions created in electric power generation.
Natural gas provides environmental benefits: increased gas use can help address several environmental concerns simultaneously, including smog, acid rain and greenhouse gas emissions.
Source: American Gas Association
Oil is still the world’s most important commodity, so I always try to lead off with a prediction on the direction of oil prices. I generally make this prediction by looking at supply and demand trends, as well as inventory levels.
“Robert Rapier – Jan 23, 2021,12:46pm EST