With the current conversation around climate change, many wonder how oil and gas will be affected. Recent research suggests that we’re running out of our current oil and many people are starting to question exactly what the implications might be. Below, we’ll go through some of the main concerns about the future of oil and gas.
Are We Actually Running Out Of Oil And Gas?
The truth is that it depends on who you ask. That being said, a head researcher at OPEC has stated that we’re nowhere close to running out of the resource. This researcher points out that we’re constantly finding new technologies, which is why we’ve moved away from oil in recent decades. That being said, we’re constantly finding new oil deposits in soils around the world. This suggests that while some oil deposits are being depleted, we can’t definitively say that we’re close to running out of oil and gas.
How Is The Industrial Sector Adapting?
In recent years, gas and oil prices have been at an all-time high. Considering that oil and gas make up the majority of fuel sources for industrial equipment, it’s not an understatement to say that they effectively fuel our daily lives.
However, with rising prices and the threat of exhaustion looming, many industries are racing to innovate. This is why newer technologies such as those you’d find in an industrial cone drive gearbox are being used today to drive efficiency and sustainability across various applications. And the same can be said for the codependent sectors like industrial services such as gearbox repair.
The Future Of Oil And Gas
While oil and gas still reign supreme, many forward-thinking investors are actively looking more and more toward the potential that alternative energies have to offer. While oil and gas may always be used to some extent, the cost of alternative energies is constantly going down. In turn, this makes them more and more viable and ultimately, sets them up for mainstream adoption across a broad spectrum of applications.
At the end of the day, the future of oil and gas cannot be definitively pronounced just yet. However, there are some things that we can predict with the data and knowledge that we possess today. Our reliance on oil will likely decrease significantly over the coming decades and our reliance on gas will temporarily increase in tandem. That being said, we will see an overall decrease in demand and applications for both of these fuel sources. In the next few decades, it’s highly likely that they will be usurped and replaced in their entirety by alternative energies, which will ultimately lead to a more sustainable future and a more efficient world in the long run.
The current conversation around energy, whether renewable and sustainable or finite and exhaustible, is conflicting to say the least. Some widely-publicized experts are on the side of innovation while many others prefer to stick with current technologies because, as they say, if it works, there’s no point in fixing it.
But no matter which side of the conversation you’re on, there’s no doubt that the future of oil and gas will be vastly different in a few decades. As time goes on, we become more reliant on different technologies and we gradually discover new ways to make old technologies work more efficiently.
Now that we’ve gone through what the research says, though, we want to hear from you! What do you think the future of oil and gas will look like? Send us your predictions for a year, decade, or a hundred years from now!