A topic many concern themselves with is the oil and gas industry and how it plays a role in everyday life. Whether filling a vehicle’s gas tank or powering a production plant, oil and gas remain a vital part of modern infrastructure. We’ll explore the most common myths about the oil and gas industry and provide some clarification.
The Oil and Gas Industry Is Running Low on Supply
Many believe the industry is running low due to a surge in electric vehicles and a push for reduced oil consumption. However, the industry is thriving and not going away any time soon. The nation’s infrastructure relies on oil and gas to maintain many fundamental applications. Despite all the electric conversion and debate around reducing consumption, the oil and gas industry is not low on supply, and “peak oil” does not translate to “running out.”
The End of Oil and Gas Comes With Renewable Energy
Many assume EVs and the shift to renewable energy will discontinue or end oil and gas production altogether. Even with renewable energy breaking barriers, oil and gas will continue to fuel much of the industrial world.
Renewable energy’s growth in popularity will undoubtedly reduce the demand for oil and gas and support the idea that it will not run out. Ideally, the two will coexist peacefully in the future when renewable energy makes a comfortable home for itself, and oil and gas will do the same for their respective industries.
Land Owners Experience Extreme Wealth
One of the most widely known myths about the oil and gas industry is that property owners stumble into extreme wealth very quickly. This is simply not true. It’s worth noting that not every piece of land with an oil or gas supply underneath is useable or viable for production.
A property owner with an ample supply under their land may never see production take place, further disproving the idea that owners are wealthy. When a piece of land receives a bid for production, it can take a few years to pay off the cost of drilling that land before the owner sees any returns.
The Industry Doesn’t Care About Environmental Concerns
The belief that the oil and gas industry doesn’t care about the environment comes from the notion that burning through a non-renewable resource is harmful with long-term effects. However, the industry strives to become more efficient and eco-friendlier through various production measures.
Things as simple as equipment care and tool maintenance create job efficiencies that support less damaging rig issues. Any time the drilling or pipeline processes are complete without damage or issues, this contributes to reduced environmental concern for the lifetime of a well.
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