5 Surprising Facts About Oil and Gas Industry
In the oil and gas industry, we give you some interesting facts that you should know when working in the areas mentioned above. There is much to know about the oil industry and oil field equipment, and people spend their entire careers learning a little of it, but the more people understand the facts, the more we can engage in productive public discourse about the world’s energy system.
There are millions and millions of kilometers of pipes around the world that distribute crude oil, refined products, and natural gas. Transport, production, power generation, and other industries rely on oil and gas to provide them with heat, mechanical, and electrical energy.
The oil and gas industry is one of the world’s largest dollar companies and annually generates revenue of about $3.3 trillion. Oil and natural gas are important industries in the energy market and play an important role as a primary fuel source in the global economy. All sectors of the economy depend on oil and gas as an important source of energy for a wide range of industrial and commercial activities.
Investors looking to enter the oil and gas industry may be overwhelmed by the complex jargon and unique metrics used in the industry. But the industry is growing, and it’s up to you to do your part to take it to the next level. If you want to build your oil field equipment and gas business, you should know how important your industry is to the country’s economy.
The oil and gas industry is one of America’s most profitable and thriving industries. Indeed, it supports 8% of America’s gross domestic product and more than 10 million jobs in the United States. Oil is the main component of a huge range of industrial products such as plastics, solvents, transport fuels, and the main source of heat and electricity. This industry is important for the economic and environmental aspects of the world, and the people who work there meet the global demand for oil and gas.
There is much more to be learned about oil than the simple fact that it is used to produce the household heating oil that we consume every day. The oil and gas industry itself is so large that your knowledge of this industry goes far beyond what you can work in it.
Crude oil and other liquids derived from fossil fuels are refined into petroleum products that people use for many different purposes. Crude oil, considered a “parent raw material,” is used in the manufacture of a wide range of products, from gasoline to synthetic materials. Hydrocarbon gas liquids (HGLs) are the third most common petroleum category in the United States and include propane, ethane, butane, and other HGLs produced by natural gas processing plants and oil refineries.
Oil drilling and oil services are two different business activities in the oil and gas industry. More than 50% of the oil consumed in the United States comes from the transportation industry. The income of service companies is closely linked to the level of activity in the sector.
Cushing, Oklahoma, also known as the Crossroads pipeline, is the world’s most important crude oil storage site in the United States. As with any non-renewable resource, peak oil refers to the time when the oil industry can extract the greatest possible amount of oil. Most oil experts expect peak oil to occur around 2050, and believe we have already reached that point.
Energy trends show that the oil and gas industry will continue to prosper as its production and energy demand continues to rise. Australia is on course to become the world’s largest producer of gas and coal seam gas; the demand for renewable and alternative energy sources is increasing and there is evidence of growing crude oil demand. These facts show the strength and strengthening trends in the oil as well as the oil field equipment industry that will benefit both the industry as a whole and its many skilled workers.
In 2015, fires and explosions in the oil and gas extraction industry accounted for less than 20% of workplace deaths. The 142 accounted for only 3 percent of all deaths, though the oil and gas industry employs less than 1 percent of all workers.
These 7 facts only scratch the surface of the surprising information about the oil and gas industry. Many products contain petroleum and here are some funny and interesting facts about oil.
It is hard to gauge the sheer scale of the oil industry, but one statistic can do much to paint the picture. Given this scale and the vast infrastructure that has been built, it is difficult to find a worthy substitute for world power.
Global oil production is 2 orders of magnitude higher than that of wind power and 3 orders of magnitude higher than that of solar energy. It’s not just CO2 emissions; oil and gas are also the perfect energy source.
These companies are responsible for the removal of contaminants and the conversion of oil and gas into products for the general public, such as petrol, kerosene, fuel oil and asphalt. The primary energy source is the raw materials we use to produce energy – such as oil, gas, wind power, and coal.
The oil and gas industry is seven times more dangerous than any other industry. Of the 4,679 workers who died at work in the US in 2014, 142 were employed in the oil and gas industry. E & P companies indicate their oil and natural gas reserves as the amount of oil and/or gas they have in the ground on the same bbl/mcf terms.