As oil prices have begun to recover from the 2014 oil price crash, the future of the oil and gas industry has been a hotly debated topic in American media. On one hand, renewable energy and green energy continue to gain a foothold in the collective consciousness of Americans. On the other hand, oil and gas continue to be the cheapest, most efficient fuel available to mankind. Based on the contrast between the rise of green energy and the the cheap availability of crude oil in the United States, here are our predictions for the future of the oil and gas industry.
Experts Predict a Thriving Oil and Gas Industry in America
According to oil and gas experts, the oil and gas market is not as affected by the pricing volatility that affects so many other American industries. One reason for this is that there seems to be a growing demand for gas and oil on a worldwide basis.
Although green energy is being pushed in places like Europe, Canada, and the United States, there are so many places in the developing world that still have an absolutely rabid demand for oil.
For example, in India, there are currently only 4 cars per 100 people. As India’s economy continues to stabilize and grow, more people will purchase automobiles, which will increase the country’s need for gasoline.
There are many countries like India around the world, countries where individuals are starting to mobilize and want things like homes, cars, and electronics. American oil companies will undoubtedly export oil to countries like India in the coming years, which will allow the country’s oil industry to remain strong.
Untapped Oil Reserves Still Exist in America
According to CNN, the United States now has more untapped oil than any other country in the world. This might come as a surprise to some readers, who think of the Middle East as the hub of the global oil and gas industry. But America’s reliance on importing oil from other nations like Saudi Arabia has allowed the country’s oil reserves to build up over the past few decades.
But as of 2016, an independent energy firm predicted that America has a store of 264 billion barrels of oil—approximately half of this oil exists as shale oil. So, with that said, the future of gas and oil is full of possibilities. As the world continue to expand, a need for oil and gas will increase accordingly. Finding untapped or undiscovered stores of oil and gas will be key as we progress into the next decade.