The Biggest Challenges Facing the Oil & Gas Industry in 2021
Americans rely on the oil and gas industry more than they realize. Without the availability of these products, people wouldn’t be able to get from Point A to Point B. Unfortunately, the industry isn’t always successful. This piece will discuss the biggest challenges facing the oil & gas industry in 2021.
High Demand & Low Supply
Last year was one of the oddest on record. Millions of people stayed home to prevent the spread of COVID-19. Now, however, things are different. More and more individuals are leaving their homes and returning to work. Since people are traveling again, the demand for oil and gas is high. Yet not that much gas and oil were produced last year because no one was moving. The consequences of this are becoming more apparent. For example, gas prices are rising at the pumps to accommodate the higher demand.
Oil companies are trying to reach zero-net emissions in the coming years. But this goal is becoming harder and harder to achieve. Zero-net emissions means that a company adds less gas to the atmosphere than they remove—it’s all about balance. Reaching zero-net emissions is challenging because oil and gas companies are trying to keep up with the high demand. It’s tough to achieve these goals simultaneously.
Working in an oilfield is one of the most dangerous jobs a person could do. Accidents happen in these places of work all the time. One reason why so many accidents occur is that supervisors struggle with how to keep people safe. For example, many people in higher-up positions don’t want to spend the extra money on safety supplies.
These are just a few of the biggest challenges facing the oil & gas industry in 2021. If either of these fields becomes insufficient, it would affect many people around the world. These things need to be addressed so that there isn’t a worldwide crisis full of people panicking.