Why I’m Confident Oil Is Here To Stay
The post Why I’m Confident Oil Is Here To Stay appeared on BitcoinEthereumNews.com. While the need for oil may decrease over the years, there are still many reasons to believe in the product. getty There’s a certain magic to drilling for oil. It’s hard to explain to someone who hasn’t experienced it in person, but there’s something romantic about the hunt, assembling a crew, getting the machinery moving, and, finally, getting a positive result. It’s exhilarating. I am confident about oil and its future in our economy—but I’ve felt that magic, and not everyone has. In fact, I’m often greeted with quite a bit of skepticism on the topic. How could I possibly be so optimistic about a product like oil and where it’s going? Let’s talk about it. Gasoline Isn’t Dead There are a lot of things you can produce with oil, and the first thing everyone thinks of is gasoline. And, the theory goes, since the world is transitioning to electric cars pretty soon, there will be no need for gas, and therefore, no need for oil. In this respect, they’re not necessarily wrong. The popularity of Tesla and their product lineup has helped EVs go mainstream, and that’s just in the US. Across the world, there are many countries that encourage the adoption of these new vehicles as part of a transition away from oil and gasoline. But in 2025, we’re not there yet. According to the US Energy Information Administration, we may not be there for decades, either. They did a report in 2023 that said the following: According to our Annual Energy Outlook 2023 (AEO2023), we project that electric vehicles (EVs), including both battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), will account for between 13% and 29% of new light-duty vehicle sales in the United States in 2050 and between 11% and 26% of on-road light-duty…
The post Why I’m Confident Oil Is Here To Stay appeared on BitcoinEthereumNews.com.
While the need for oil may decrease over the years, there are still many reasons to believe in the product. getty There’s a certain magic to drilling for oil. It’s hard to explain to someone who hasn’t experienced it in person, but there’s something romantic about the hunt, assembling a crew, getting the machinery moving, and, finally, getting a positive result. It’s exhilarating. I am confident about oil and its future in our economy—but I’ve felt that magic, and not everyone has. In fact, I’m often greeted with quite a bit of skepticism on the topic. How could I possibly be so optimistic about a product like oil and where it’s going? Let’s talk about it. Gasoline Isn’t Dead There are a lot of things you can produce with oil, and the first thing everyone thinks of is gasoline. And, the theory goes, since the world is transitioning to electric cars pretty soon, there will be no need for gas, and therefore, no need for oil. In this respect, they’re not necessarily wrong. The popularity of Tesla and their product lineup has helped EVs go mainstream, and that’s just in the US. Across the world, there are many countries that encourage the adoption of these new vehicles as part of a transition away from oil and gasoline. But in 2025, we’re not there yet. According to the US Energy Information Administration, we may not be there for decades, either. They did a report in 2023 that said the following: According to our Annual Energy Outlook 2023 (AEO2023), we project that electric vehicles (EVs), including both battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), will account for between 13% and 29% of new light-duty vehicle sales in the United States in 2050 and between 11% and 26% of on-road light-duty…
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