Most people have heard about the gas and oil industry and how it continues to have a heavy influence on our nation’s economy. What many people may not know though, is how exactly oil and gas are used in our everyday lives currently. Having a strong understanding of the oil and gas industry, and how it is used can give you a better understanding of our economy and how major industries can cause fluctuations.
To begin, let’s examine how the United States uses oil, before examining how our continued use is affecting the greater industry altogether. According to the U.S. Energy Information Administration, the top areas that petroleum, which is created from crude oil, is used include transportation, followed by industrial uses. 71% of the petroleum that is used each day in the United States is for transportation purposes. In 2017, approximately 47% of the total petroleum use was for gasoline that is used in people’s cars. While oil is used in a variety of other ways, transportation accounts for a significant portion of the country’s oil consumption.
On the other end of the industry is natural gas. Like oil, gas continues to have a significant influence on today’s society. One of the most common and well-known uses of gas is to power homes. Not only does gas provide electricity to homes across the nation, but is also commonly used for daily necessities like kitchen appliances, including the stove and oven. Additionally, gas can be used to heat homes and commercial buildings as needed. Gas has also been used for things like heating water.
Outside of providing power for homes and commercial properties, gas is an important source for energy within industrial operations. Gas is not only used to fuel things like glass and steel foundries, but it can also be used to create fertilizers, plastics, paints, and dyes, among other things. Like oil, gas often provides the energy needed to power both our cars and homes, making it another vital natural resource.
Both oil and gas continue to be an important part of our economy, as they are both used to vital power resources in and outside of the home. Having a strong understanding of their uses can help the gas and oil industry to remain active.
About The Author
Anatoly Vanetik is a Venture Capitalist, Oil and Gas Expert, and Businessman in Orange County, California. He is the President and Chairman of the Board of Directors at Vanetik and Associates, a popular venture and consulting firm in the resource industry that Anatoly began. He brings many years of professional experience in the engineering and energy industries. Outside of his career, Anatoly Vanetik is passionate about animal welfare and art history, and maintains monthly blogs about each one.