If as some green activists claim, the age of oil is coming to an end, why are so many governments, companies and individuals investing so heavily for long term returns?

Some Countries Are Just Getting Started

The Nigerians have recently completed the world's largest oil refinery. The Ugandans and the Namibians have invested in just getting started producing oil. In Guyana, major new discoveries are transforming the economy of that impoverished South American country.

Middle East is Business as Usual

In the Middle East they are starting to invest in other industries but that is for the long term, for future generations to perfect. Right now they too are exploring hydrocarbons as hard and fast as ever.

Jobs and Tax Revenue

Currently there are no countries or regions that are scaling back their oil industry for environmental reasons. Sure there are some countries like the UK for example, which have passed their peak oil production. But, they are still exploring and successfully finding new fields, providing jobs for hundreds of thousands of people and earning millions in tax revenue. They have not to date closed a single well or decided not to develop a single field for purely environmental reasons.

It's all About the Money

Despite the protests from the radical green activists, every country that can, is improving it's economy by exploring for oil and investing in oil.

About The Author
Urian Udell
Chewells Contributor

Urian is passionate about carbon capture. He is a staunch believer in the continued use of oil... »

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Replies

• Pablo Manente (Feb 20, 2024)
  The biggest demand for oil and gas over the next decade or two is likely to come from India as their economy rapidly grows. Their requirement for energy will grow quicker than renewable alternative energy technology can keep up.
• Urian Udell (Jan 27, 2024)
  OK Jim, you're correct and hats off to the plucky Danes. I think that much larger countries than Denmark can better do both. They can continue to extract oil and gas while there is still a market for it in their country and/or export for profit if that is preferable. They can also have a renewables industry which is the future for their energy needs and jobs.
• Jim (Jan 27, 2024)
  You're incorrect where you say that "No Country has scaled back for environmental reasons." Denmark have stopped opening new fields and have set a date for ending production altogether. They are concentrating on renewables.
• Amanda Duarte (Jan 25, 2024)
  It is a finite resource so if we keep consuming it, it must come to an end at some point. Our use of oil will end either through us moving to other energy sources or simply by it running out. It will be the former.

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