The Future of the Oil Industry—2021 and Beyond

 Changing weather patterns, pollution-infested metropolises, and fast depleting fossil fuel reserves have all contributed to calls to end oil usage and shift to renewable energy sources instead. With the prices of solar panels and wind generators coming down significantly in the past decade and batteries costing half of what they cost a few years back, one would wonder how close we’re to ending our reliance on oil.

Windmills are a source of clean energy

How Fast Will be the Change?

Global leaders continue to draft plans to agree on how to curb global warming by reducing the dependence on fossil fuels.

While the coal industry has taken a significant hit in the last two decades, the oil industry has continued to enjoy global dominance as the lone driver of world industries. With leaders promising to shift their energy sources to renewable energy sources, it begs the question, how far away are we from seeing solar, wind, and nuclear energy replacing oil as the premier energy source?

President Biden claims to make the US free from carbon by the year 2035. To achieve this milestone, the US has to increase its solar and wind energy capacity to four times what it currently produces, making it a mammoth task and raising questions about how practical the goal is.

Here for a While

While the eventual change is inevitable, the people affiliated with the oil industry don’t have to lose their sleep in the short term, at least. Today’s talk of the town is electric cars, but only 2% of the total cars in the US are plug-in electric cars as building mass charging stations remain a challenge.

The US plans to shift to clean energy by 2035, but 2050 is seen as a more realistic figure by many. While the estimates won’t impact the oil industry in the short term, moving forward, they should start planning for a post-carbon era and consider investing in renewable sources in the future.

Mud pressure gauges


Do you require instruments like mud gauge and other drilling instruments for your oil rig? Contact Instruments provides essential drilling rig services with a wide variety of products and services to cater to your business needs. Reach out to them today to see how they can help you.

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