Since its discovery, oil has become an important resource around the world. Products generated from processing oil are in high demand across businesses and nations. From petrol to jet fuel and diesel, oil products fuel a major percentage of automobiles, aircrafts and machinery used by the general populace and local and international companies. It is not surprising that companies in the business of producing and processing oil willfully spend millions in oil exploration as they look to expand their operations and meet global demands. Amidst the success and increasing demand, there is a worry that oil resources are non-renewable. This means that eventually the world will run out of oil. Experts have recommended that companies invest a fraction of oil exploration money into the development of renewable sources of power. I think that this would be beneficial to offset the heavy global demand on oil products.
There are numerous benefits of oil products. They power turbines to produce electricity for businesses and households. Our cars use petrol and diesel to power the engines. Generators use diesel to generate electrical energy for businesses and households. Aircraft are powered by oil products. Adversely, this has resulted in high dependency and demand which places substantial pressure on oil-producing companies like Shell, Chevron and ExxonMobil and world organisations like OPEC. Another drawback is the increased carbon footprint due to heavy consumption of oil products. Experts have warned about the consequences of high carbon emissions to the ozone layer and climate across the world.
This high demand can be managed using alternative sources of energy such as solar, wind and water. Solar panel systems can be used to harness solar energy and supply households with electricity. Currently in Nigeria, home owners install solar panel systems to provide electricity and reduce their bills. Companies can invest in dams for the generation of electricity from energy of water waves. Wind farms can be developed in remote areas to provide backup power to facilities. Equipped with multiple energy generation options, demand and supply of oil and its products can be effectively reduced. In addition, the environment is preserved as there are no worries about carbon emissions from these sources of power.
Oil remains an undeniable global player in power generation. However, with strategic investments in alternative sources, we can prevent the rapid decline in global oil re