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The ESG Community Lacks An Understanding Of What Crude Oil Is Used For – OpEd

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18.05.2022

Today, there is a lost reality that the primary usage of crude oil is NOT for the generation of electricity, but to manufacture derivatives and fuels which are the ingredients of everything needed by economies and lifestyles to exist and prosper. Energy realism requires that the legislators, policymakers, media and the investment community begin to understand the staggering scale of the decarbonization movement.

Of the three fossil fuels, the Environmental, Social and Governance (ESG) community is unaware that crude oil is not used for electricity. In fact, crude oil is virtually useless, unless it is manufactured (by refineries) into oil derivatives that are the basis of more than 6,000 products in our daily lives that did not exist before the 1900s, and the fuels to move the heavy-weight and long-range needs of aircraft, cruise and merchant ships, and the military and space program.

Products from crude oil are the foundation of modern society and few consumers are willing to give up those benefits. Access to inexpensive, abundant and dependable crude oil has been the cornerstone of the Industrial Revolution and humanity’s achievements.

Pervasive ignorance about crude oil usage and divesting in the oil and gas industry could do irreparable harm to the industry, as well as inflict supply shortages and soaring prices upon consumers for the lesser number of products manufactured from crude oil, to meet the growing demands from society.

The renewables of solar and wind for the generation of electricity are unreliable because they are reliant on intermittent breezes and sunshine........

© Eurasia Review


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