Oil Construction, Oil Construction Industry

4 Things You Didn’t Know About the Oil Construction Industry

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Everyone knows that the oil industry plays a crucial role in everyone’s life – from what we buy to where we go. It is almost all the products we use, including furniture, clothes, etc. In simple words, our economy really depends on the oil industry and oil construction company as these factors dictate the prices of other goods. Simultaneously, the world’s richest and most powerful section of the population is involved with oil.

Also known as the back gold, here are 4 things you probably don’t know about the oil construction industry:

This Natural Resource Will Soon End

No matter what you hear about oil construction companies and the industry, the fact is that we are running out of this natural resource like all-natural resources – there is only so much you can exploit. Each year, more than 4 billion tons of crude oil is used, and it is estimated that soon we will be hit by a state known as “peak oil,” which is accompanied by loads of negative effects, such as a massive increase in the prices for global gas. All in all, it is estimated that by the mid of the 21st century, the world will essentially run out of oil.

The Biggest Oil Spill in History

BP – the Deepwater Horizon offshore drilling rig exploded more than a decade ago in April 2010, causing one of the biggest disasters in the oil industry of all time. A staggering amount of oil – 210-gallon oil spill in the Gulf of Mexico caused irreversible environmental damage.

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The oil company responsible for this, BP – British Petroleum, was found to be quite negligent in handling the disastrous situation. It was found that the incident could have been prevented, which is why the company was ordered to pay 20.8 billion dollars to make up for the potential damages they made and to cover the Clean Water Act penalties.

Also Read: 3 Questions to Ask Your Potential Construction Accident Lawyer

Phones Don’t Explode at Gas Stations.

If you have a car, you might have already noticed that gas stations usually warn us not to use our mobile phones, and no one really cares to ask why – we simply follow suit. Since it seems like something that makes sense, we don’t waste our time questioning it.

Apparently, the explosion of mobile phones at the gas station is a myth that is fueled by urban legends, but there have been no reported incidents of fire starting at the gas stations as a result of smartphone usage. However, one thing can cause an explosion, and that is static electricity.

The good news is that static fires are a very rare occurrence – the bad news is that it still can happen, and no matter how small the quantity of static electricity is, it really can ignite gas vapors and create a huge explosion.

Venezuela – the World’s Largest Crude Oil Reserve

It is estimated that Venezuela comprises the world’s largest reserve for crude oil. It is estimated that roughly 300 billion barrels of crude oil are believed to exist in Venezuela.

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This country is also one of the largest suppliers of oil for the United States, which receives around 1.5 thousand oil barrels every day.

Nonetheless, there is a problem with determining the exact amount of resources in Venezuela due to Venezuela’s lack of transparency and political unrest, making it very hard to determine the exact level of oil production.

And many people don’t know that Saudi Arabia stands in second place when it comes to oil reserves found in the ground. The stronger transparency and political ties portray Saud Arabia as the hub of black gold.  

Read Next: Essential Aspects of Construction Project Management

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