Or do they support the electric revolution?
Over the last century, oil has shaped both our lives and the world we live in, so is a trillion-dollar industry that has never really been challenged prepared to embrace a new world of electric vehicles and renewable energy? Allow the VOX Network to explain.
We have never known a time where the world did not covet oil. The abundance, energy density and fluidity of this so-called ‘black gold’ has made it an easy choice for powering everything from cars to ships to planes; even our heating. According to the Energy Administration Association, it is estimated that 80m barrels of oil are produced each day. Oil has brought astronomical wealth to both companies and countries, particularly in the middle east where five of the oil-producing nations now belong to the 25 wealthiest countries in the world.
Yet thanks to