Looking Ahead To The New Energy Market

by David Jenyns on February 23, 2009

Like all industries, the petroleum and energy industries go up and down, but there are technological advancements that are shining light on the future of these industries. What’s behind the new surge of growth in the oil industry? Energy! Coal is still the primary energy source for the steel industry.

However, fuel oil has a prospect of getting more of this market, especially in underdeveloped countries planning their own steel industries, which have little or no coal.

The fuel cell, which would create electricity directly out of oil, could be applied to home appliances and industrial devices. Historically, the petroleum industry has demonstrated its ability to adapt its output to developing markets. Similarly, atomic power seems more likely to create new energy demands than to displace petroleum as a source of energy.

Basically, the global oil industry is still an industry with growth characteristics, with increased industrialization throughout the world.

During the postwar period, domestic oil demand increased about 5 percent per year whereas the growth in the foreign free world averaged about 10 percent per year with the greatest increase occurring in Europe.

Historically, and to the present day, energy is a huge factor in any economy. With an understanding of past, investors can get a leg up on the future of this constantly evolving industry.

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