The Crude Oil Industry Fact Versus Fiction

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It?s an unfortunate reality that in recent years, crude oil and the oil and gas industries in general have gotten something of a bad rap. With many crude oil companies facing criticism involving everything from the environment to international crises, it?s become difficult to speak openly about the many benefits the crude oil industry provides. Certainly, it?s become difficult to tell the truth, rather than wildly exaggerate or even misinform as many oil critics have and will. That what we?re going to do here: tell you the facts about oil and petroleum. You can move forward knowing the truth, rather than a projected fiction.

Oil Reserves: How Many Are Really Available?

Some alarmist sources would make it sound like oil reserves are a rapidly-dwindling rarity, and that oil production equipment is being wasted looking for non-existent oil. In fact, as of right now there are enough oil reserves to satisfy 53.3 years of global production. This doesn?t take into account the fact that the past decade has seen global proved oil reserves rising by 27%, or over 350 billion barrels. 2012 alone saw the U.S. add 4.5 billion barrels of crude oil lease condensate proved reserves. This was an increase from 2011 by 15.4%.

Offshore Oil Production: What?s The Reality?

So, what is the truth about offshore oil drilling? Well, it accounts for about 30% of the total world oil production; it accounts for half of the world?s natural gas production. That makes it incredibly important and very necessary, though not nearly as harmful as some would have people believe. The reality is that offshore drill rigs have drilled in waters over 7,500 feet deep, and have gone as far as 200 miles away from shore. When taking into consideration all of the contributing factors to offshore drilling, this actually makes offshore drilling a much more remote process than many imagine. However, this doesn?t take into account the most important part of the oil and gas industries: the people working within them.

The People Working For The Oil Industry: How This Matters To Them

Overall, the oil and gas industries provide 9.8 million American jobs, accounting for 8% of the economy. What many opponents of oil production don?t think about when demanding for its end is how much those jobs matter. Not only are they putting money into the economy on a grander scale, but they?re putting food on the table for many blue-collar people. The most important thing to think about when countering doubts about the oil industry is the people who depend on oil to stay afloat financially. As long as oil remains a strong factor in the American economy, then those millions of jobs will continue to thrive; and perhaps the market will even grow.

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