Elgin Tracy: Environmental in the Oil and Gas Sector
                     The Importance of Oil and Gas 
In Today’s Economy
The oil and gas industry has both a direct and indirect impact 
on the domestic economy, with oil and gas prices directly 
affecting the health of the economy as a whole. 
Oil is the Major Energy Source
 Oil and natural gas combined provide over half of the world’s 
energy. Oil and natural gas are necessary resources.
 
 A lack of oil and natural gas would have the country (and the world) 
grinding to a halt.
Domestic Oil and Gas Production
Without the production of oil and natural gas in the United States, the 
United States would quickly become dependent on foreign supply. And 
once that occurred, the domestic economy would  be controlled directly 
through the price of oil and gas exports. This has historically been the 
case before hydraulic fracturing led to the country’s energy 
independence. 
 Oil and Gas Prices Improve the 
United States Economy
The oil and gas industry has improved the economic outlook 
for the United States in two major ways. The health of the oil 
and gas industry has allowed the United States to begin 
exporting crude oil and natural gas rather than importing it, 
creating an energy market that will bring money into the 
country rather than sending money out of the country. 
The Oil and Gas Sector Undergoes 
Digital Transformation
The digital revolution has greatly accelerated the pace of 
change in the oil and gas industry. Imagine if machines 
could communicate with each other and simplify our 
work. 
Impact on the Oil and Gas Industry
In the oil and gas industry, significant changes are taking 
place. 
 Hanging Energy Demand  
 Obstacles facing the Oil and Gas Industry
 Opportunities in the Oil and Gas Sector
 Electric cars on the Rise
Proven Strategies In The Oil And Gas Industry
The process of finding the optimal solution to a problem 
involves considering all the relevant factors. In the oil and gas 
industry, issues can arise occasionally. People may need to 
figure out how to obtain the oil and from deep beneath, mend 
broken pipes, or restart malfunctioning machinery.
Independence Required for 
Energy of Oil and Gas
Oil has been largely controlled by OPEC, a conglomerate of oil-
producing countries that have collaborated to “price fix” the oil 
industry for some time. The energy industry has been disrupted via 
shale oil through franking, thereby stripping OPEC of much of its 
power over the US economy.
Oil and Gas Companies
The oil and gas industry is frequently divided into three segments: 
upstream, midstream and downstream. While each of these areas 
has an independent companies, major companies in oil and gas are 
often considered integrated, meaning their businesses consist of a 
mix of upstream, midstream and downstream activities. 
Companies can be private, public, or state-owned, which impacts 
the amount of information available.
Thank You