What Are Some Facts About the Oil Industry?


Quick Answer

The oil industry is critical for a healthy global economy, and this fact has remained true for more than a century, as of 2015. Overall, oil provides one-third of humankind’s energy needs. Electric vehicles are less common that gasoline-based ones, and oil accounts for the vast majority of modern transportation. Oil is as critical for the developed world as agriculture. Worldwide, oil and gas distribution networks are vast.

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Full Answer

Roughly 40 percent of all sea cargo is oil. The large scale of the oil industry makes it difficult to disrupt the industry with renewable energy sources such as wind power and solar power. During 2010, the global oil industry produced more than 80 million barrels of oil every day. The oil industry benefits from the fact that oil is stable, easy to move and easy to store. The industry also benefits from the fact that oil is a cleaner-burning fuel than coal, a fuel source commonly associated with poor air quality.

Advocates claim that the oil industry helps people rise out of poverty by providing vaccine refrigeration, agricultural irrigation and fuel for school busing. Despite any common stereotypes to the contrary, they claim that working in the oil industry is generally fairly safe. Ramped-up automation and safety training have created these safer conditions.

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