Emily Clarke

Why Does The Oil and Gas Industry Have So Many Risks?

The oil and gas industry is a vital piece of the planet's economy, as virtually every industry relies on oil and gas to some extent. Everything from plastics and asphalt to gasoline is produced by the oil and gas industry, and without these crucial resources, life on Earth would grind to a halt.

Unfortunately, as important as oil and gas are to the world economy, this industry is also fairly risky. One of the main reasons for this risk is the volatile and potentially harmful nature of the products and byproducts created from the production and refinement of oil and gas. These substances are not only flammable, but they also produce harmful toxins if they get into water supplies. An area that gets polluted by a gas or oil spill can take months or years to get cleaned to the point where the area is safe to inhabit again.

Reducing the Risks of Gas and Oil

To help counter and decrease risks in the oil and gas industry, producers and refiners have taken steps to improve safety in both the handling of oil and gas products and the disposal of these products. Additionally, governmental organizations like the Environmental Protection Agency (EPA) exist to regulate companies that work with potentially harmful chemicals and pollutants. The EPA issues regulations that are meant to decrease risks in the oil and gas industry, as well as in other industries that are deemed a potential danger to public and environmental health.

Moving Toward Electric Power

Another way that some companies are trying to minimize the risk posed by oil and gas in the environment is by moving toward electric power and sustainable energy solutions. Electric vehicles have become viable in the last decade, and solutions like wind and solar have seen improvements in energy transfer and efficiency in recent years. Whether these technologies end up replacing oil and gas remains to be seen, but for now, the switch to energy sources other than oil and gas can make an impact in reducing the potential risks posed by these resources.

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Emily Clarke writes about project management, tracking and environmental services. You can find her thoughts at environmental services blog.