Kavan Choksi explains that it is no understatement when reports mention how the oil and gas industry virtually determines how the world operates. Even with all the discussion about the impending market decline, current trends suggest that the oil and gas industry is still very relevant.
In fact, today's statistics show that oil accounts for approximately a third of the world's energy. With the global population and life expectancy increasing yearly, the demand for power continues to grow exponentially. This fact has driven oil consumption to almost mind-boggling levels, with industry experts suggesting that energy can be argued as the main reason for globalization. Kavan Choksi says that without power, current technology could not exist. Though renewable energy sources and eco-friendly practices are on the rise, the juggernaut that is the fossil fuel industry does not appear to be going anywhere fast.
Kavan Choksi shares a few examples from subject matter experts to better explain the practical and direct impact of fossil fuel and oil on society. One sector that continues to keep fossil fuels at the center of the global energy market is the booming transportation industry, which is considered the keystone to any logistical network. Indeed, transportation plays a vital role in economics. With more companies operating globally, more gas and fuel are required to power increasingly large fleets of vehicles. Even with the current development of other forms of alternative energy, gas and oil will be needed by significant portions of the transportation industry for decades to come. People mistakenly believe that alternative forms of energy like solar and wind used for electricity are the same as fuel consumption used for transportation. Kavan Choksi stresses that there is still no substantial substitute for oil, and improving extraction technologies leading to fewer carbon emissions from existing refineries may even allow fossil fuels to remain competitive in an eco-friendly economy.
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