Always Evolving Global Oil Technologies And Demand

One of the great misconceptions today is that renewable energy will simply be handed the energy future. Wind and solar are surely set to dominate, so why don’t oil and gas just please go away already? Yet the reality is very quiet and much different.  While wind and solar are evolving of course, so are oil and gas technologies. In fact, the U.S. shale oil and gas revolution since 2008 is a prime example of this constant advance: an amazing evolution of hydraulic fracturing and horizontal drilling in America that has transformed energy markets around the world. Oil’s progress is without stop. Petroleum fuels, such as gasoline and diesel fuel, have proven superior to other forms of energy in numerous ways, and have enabled the emergence of more efficient prime movers. Although the rate of growth is not always the same, we know that global oil demand will continue to increase in the years ahead: 85% of the global population lives in still developing nations, and their oil journeys have just started. To illustrate, even though the U.S.-China trade war has been lowering projections of economic growth in 2019 and thus lowering expected oil demand, it will not lower oil use absolutely. There is a critical difference between “growing less fast” and “shrinking” that typically gets conflated. Forbes