Coal and natural gas are used to provide continuous, uninterruptible energy, while Crude Oil, the third fossil fuel, is largely utilised to manufacture oil derivatives that are the basis for thousands of products, as well as fuels for various transportation networks. is processed into oil derivatives for over 6,000 goods, as well as transportation fuels for heavy-lift and long-range aeroplanes, merchant ships, cruise ships, and militaries around the world.
Legislators and policymakers must realise the enormity of the decarbonization challenge if they are to be energy realistic. Even though it’s inconceivable that we would divest from Crude Oil just because two of the products manufactured fro are gasoline and diesel fuels for short-range and light-weight equipment like cars and trucks, President Biden continues to do everything within his executive powers to restrict domestic Crude Oil supply.
The primary use of Crude Oil is NOT to generate electricity, but to manufacture derivatives and fuels, which are the ingredients of everything needed by economies and lifestyles to exist and prosper. As environmental, social, and governance (ESG) factors rise up the agenda, the reality that primary use is NOT to generate electricity, but to manufacture derivatives and fuels, which are the ingredients of everything needed by economies and lifestyles to exist and prosper, is being lost.
Increasing climatic pressures are suffocating capital flows for oil and gas companies, raising the cost of fuel, power, and home heating. New proposals at the COP26 summit, such as net zero emission objectives, are hurting oil and gas investments and are likely to make it even more difficult to sustain the Crude Oil infrastructure that allowed the world’s population to grow from one to eight billion people in less than 200 years.