In today’s world, the oil and gas industry are rising significantly. It is claimed that countries should start to find new sources to provide their requirements. While there are certain benefits of discovery a new oil and gas sources, personally, I believe its drawbacks are significantly more.
On the one hand, there can be some benefits that arise from the detecting of new energy roots. The first benefit may be economic growth. To elaborate, discovering new sources can create new jobs and boots economies depending on the oil and gas exports. Moreover, this tendency can lead to technological advancements. What I mean by that is exploration and drilling could drive innovations in extraction technologies.
On the other hand, disadvantages such as environmental impact, economic risks and so on outweigh the above-mentioned benefits. First and foremost, the main downside may be the influence of discovering processes on the environment. To dive into details, exploration and extraction can harm ecosystems, cause deforestation and pollute air and water as well, which has given rise to climate change over a certain period. In addition, over-reliance on oil and gas may lead to economic instability, when these resources are depleted or when global markets shift toward renewables. Venezuela, for example, heavily depended on its oil export for revenue, with oil accounting for around 90% of its export earnings. However, when global oil prices plummeted in 2014, Venezuela’s economy faced a severe crisis.
In conclusion, despite having certain advantages, trying to find new energy sources offers more drawbacks.