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What You Need to Know Before Investing in Crude Oil

The oil industry is producing about 98 million barrels every day. Oil investments fuel the oil market’s success and have currently pitted a barrel’s price at approximately $70.

The Future of the Oil and Gas Industry

Oil demand is at an all-time high, but accredited investors are wary of this temporal peak. Since all non-renewable resources are finite, oil reserves are bound to exhaust one day. This has initiated a debate about the economic future of the oil drilling and gas industry.

Why Would the Oil and Gas Industry Be At the Epicenter of a Low-Carbon Future?

As companies are shifting gears and adopting greener production practices, the world is headed toward a low-carbon future. This a long-term vision often confused with a no-carbon stance that nearly eliminates the oil and gas prospects.

How Widely Are Fossil Fuels Used Today?

The leading fossil fuels that global economies depend on are coal, oil, and natural gas. These are naturally-occurring hydrocarbons that contain substantial amounts of hydrogen molecules and carbon. They form over millions of years as plants, animals, and other organic matter decomposes anaerobically under high pressure and temperature.

3 Kinds of Pressure Gauges You Need To Know About

There are several kinds of pressure gauges available in the market that assist drillers in the oil rigging process. Some of the common ones include the Single Pointer Pressure Gauge, Compound Pressure Gauge, and Roughneck Torque.

Why Do We Prefer Fossil Fuels over Renewable Energy Sources?

Environmentalists have been delivering fiery speeches in favour of cutting down fossil fuel extraction. They have even proposed the complete elimination of fuel exploitation to save the planet.

How Did Hurricane Laura Impact The Oil Industry?

As if this year wasn’t enough on its own, Texas and Louisiana’s coastlines received a surge of stormy winds as it grew into one of the worst recorded hurricanes in American history. The Gulf of Mexico had to be evacuated as oil and gas companies rushed to leave the offshore platforms and rigs. Refineries that came in the way of Hurricane Laura met the worst fate imaginable. However, some were saved because companies were already preparing for the predicted Storm Marco.

How Do Oil Extraction Companies Prepare for the Hurricane Season?

When America’s energy secretary visited Louisiana to inspect Hurricane Laura’s consequences, he reported that 30% of the emergency crude oil site was damaged. This was a severe blow to the oil industry.

How Do Oil Rigs Work

The oil industry makes about 2-3% of the global economy, which amounts to much larger figures when assessing the country-wise statistics. In 2019, the revenues from oil and gas drilling sectors were estimated at $3.3 trillion. There’s a need for more than one or a few oil drilling methods due to this industry’s magnitude.

Types of Offshore Oil Rigs

Oil reserves are found deep under the earth or at remote locations in the sea. Oil companies need large structures that can be suspended above water to drill into the seabed and extract oil. Such machines are called oil rigs, and there are 1,470 of them around the globe.