September 30, 2022

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3 Benefits of the Oil Industry

Researchers generally agree that offshore oil drilling is unhealthy for the environment. Despite these claims, however, many companies continue to drill anyway, and though this might seem irresponsible at first, there are undeniable benefits that come with offshore drilling. Whether these benefits outweigh the risks is up for the public to decide. Here are three benefits that offshore drilling provides.

Economic Benefits

The oil industry is a massive economic stimulus estimated to be worth well over a trillion dollars as a whole. For this reason, until humans find a reliable replacement, the oil industry will continue being a juggernaut of the world economy. Every aspect of the oil industry generates huge profits, from the drilling equipment, provided by companies like PRT Offshore, to the immense transportation costs, to the amount that consumers buy daily.

Employment Benefits

The oil industry also provides innumerable jobs, with some sources estimating that the industry makes up more than 5% of the entire US job market. Workers are needed in every conceivable facet of the industry. Individual oil rigs can take hundreds of people to run effectively as they need people knowledgeable in all areas to provide Subsea Landing string services, general maintenance services, transportation services, and so much more. Not only does the industry need people on rigs, but they need workers to sell and distribute their products, use the products for their intended purposes, and organize the distribution as well.

Energy Benefits

As mentioned before, the human race does not currently have a reliable substitute for oil. There are scientists constantly working on solar, wind, geothermal, and other types of renewable energy sources, and while they are making considerable progress, none of those energy sources are efficient or cheap enough to overtake oil yet. Eventually, a day might come when the world switches to a cleaner energy source, but that day hasn’t come yet. However, there are some cities in the US pledging to convert to fully renewable energy by 2035. Whether or not that will happen remains to be seen.

So, do the benefits of the oil industry outweigh the risks? Maybe before you were vehemently against all unclean energy sources, but now you realize that disbanding the oil industry overnight would have disastrous effects for the economy. Or, maybe you’ve been swayed the other direction. Either way, the world cannot currently survive without the oil industry, and it is sure to be around for years to come.