Petroleum Industry Trends give an overall idea to a person about the petroleum industry. It also gives a view to the individuals about the expected future movement of the industry.
Petroleum Industry Trends may be restricted to a particular economy or may be applicable for the entire world which is nothing but the weighted average of all the economies of the world. This trend helps an investor or the common people in gauging the future movement of the petroleum industry. The priorities along with the innovations associated with the petroleum industry can only be perceived through regular tracking of the
Petroleum Industry Trends.
The trends associated with this industry can more clearly be explained with the help of an example on USA. It can be observed from
Petroleum Industry Trends that in USA, the petroleum industry has become the back bone. The contribution of this industry towards the economic growth of the country is enormous because the revenue earned by the economy by exporting the same to other countries amount to almost two hundred and twenty billion US dollars.
Petroleum industry has also come up as a mass employer which employs above one hundred thousand people as per the financial year 2001. During the same year it has also been observed that the average rate of wage paid in this industry is around twenty three US dollars. United States is one of the highest producer of petroleum in the whole world accounting for almost twenty nine percent of the total production of oil on a global basis.
Petroleum Industry Trends show that the costs associated with abating of pollution are on a rise and was recorded to be 5.4 billion US dollars (including both capital and operational costs). With the passage of time, it can be evidenced from
Petroleum Industry Trends that the costing of the petroleum companies behind R&D is rising because of the increased need of the industry for more sophisticated and innovative technologies.
Petroleum Industry Trends show some of the very important results that are summarized in the following :-
- On a global perspective, the total amount of crude petroleum reserve has increased from 105.1 billion tonnes to 123.9 billion tonnes between the period 1990 and 2005.
- The production of crude petroleum all round the globe has also increased by more than four hundred million tonnes within a span of 15 years from 1199 to 1626 million tonnes during 1990 and 2005.
- Petroleum Industry Trend is showing that the demand for petroleum has also seen an upward slope during 1990-2005 from 3135 to 3837 million tonnes.
- Petroleum Industry Trends give clear indication of increased demand for refined petroleum during the 15 year period starting from 1990 and ending on 2005. This period has evidenced a growth of above five hundred million tonnes of refined petroleum from 3728 million tonnes to 4255 million tonnes per annum.