Economists from all over the globe have been interested in the oil and gas industry for decades. To predict the future phases of the oil industry, regular research and analyses are conducted. This is actually a difficult task because one must consider the future growth of demand, technology, and global politics.
Why is prediction difficult?
1. Data regarding the consumption, production, and demand for oil and natural gas in the past are either unreliable or inaccurate. Sometimes, different studies can give different results. These data are not reliable so predictions cannot be trusted. It is important to find the right oil improvement services at an affordable budget.
2. These errors are actually caused by data compilation that uses estimates of OPEC production as well as commercial reports from other countries. These figures are not reliable because they can be manipulated for political or economic reasons.
3. There is a large margin between supply and demand in official publications, which can lead to errors. These rough estimates can be used to make future predictions.
4. Recording actual facts are difficult because of the interference of national governments in the global oil industry. It is difficult to know if a report will be true or false.
It is the reputation of the oil industry that has been at risk among job seekers due to its unreliability in finance and human resources. It is not acceptable in terms of environmental management and social responsibility.
Despite the industry being able to tackle certain issues like finance, technology, and politics, there are still insufficient answers regarding the limited availability of hydrocarbons. It must meet the constant demand for energy all over the globe.
Unreliable data about the oil industry can't be used to predict its future. While hydrocarbons are rapidly diminishing, the global demand for fuel is increasing. The only sources of long-term energy that are likely to be available are nuclear energy and solar energy.