How Technology Helped the Industry Expand
Many people mistakenly think that technology has decreased the level of customer service provided by retail companies, but this could not be further from the truth. In fact, modern technologies have actually made it easier than ever to connect with customers and provide them with whatever they might need or want. The benefits that technology brings to retailers like the ones listed below have helped make the industry expand in recent years, showing just how impactful these advancements can be for both parties involved in a retail transaction.
Oils expanded into all kinds of markets
The oil industry has expanded into all kinds of markets in recent years, thanks in large part to advances in technology. With new drilling techniques, it's now possible to extract oil from previously inaccessible places. And new transportation methods have made it easier to get oil to market. As a result, the industry is now bigger than ever before. In 2013, global crude production topped 75 million barrels per day for the first time in history. New extraction technologies have helped make this happen:
Thanks to hydraulic fracturing and horizontal drilling, companies can tap into new reserves that were once out of reach. There are more reserves today than there were just ten years ago. What’s more, with new technologies like deep-water exploration and satellite monitoring, offshore drilling is becoming more commonplace too.
Oils went international
The international oil market is a network of crude oil buyers and sellers. The market began to globalize in the early 20th century as oils went international. This globalization was helped by advances in technology, which allowed for the transportation of oil across great distances. Today, the international oil market is a major force in the global economy, and its expansion has had far-reaching effects on both developed and developing countries. There are numerous organizations that study the global market. OPEC, or Organization of Petroleum Exporting Countries, is one example.
It works with individual nations to coordinate production quotas so that supply and demand remain balanced. With the world’s population projected to reach 9 billion by 2050, it will be important for this industry to continue expanding at a sustainable rate. In order to do this, there needs to be an increase in the production of alternative fuels like biofuels and electric cars. Without these measures, any instability in the industry could have devastating consequences.
Oils went digital
In recent years, the oil and gas industry has begun to fully digitize its operations. This has led to a more efficient and productive industry overall. By using sensors and big data, companies can now get a real-time view of their operations. This allows them to make better decisions about where to drill and how to operate their wells.
Additionally, digital technologies have helped reduce costs and increase safety in the industry. Equipment is no longer prone to unexpected failure or wear because it is constantly monitored and replaced before it fails. The use of analytics has also reduced the number of accidents at rigs by almost 80%.
The advances in technology within the industry have also been seen as good for consumers as well. With cheaper prices on fuel, electricity, heating oil, gasoline, and natural gas (due to increased efficiency), consumers are benefitting from this progress as well.
Finally, we're seeing other industries such as agriculture become increasingly tied into technology advancements like artificial intelligence (AI) and automation. For example, drones are already being used for crop spraying which not only improves productivity but also reduces costs for farmers by up to 20%.
Oils went gourmet
In 1859, Edwin Drake struck oil in Titusville, Pennsylvania, and within a few years, there were oil derricks dotting the landscape from New York to Ohio. The industry quickly began to expand as new technologies were developed to extract and refine crude oil. One of the most important inventions was the rotary drill, which allowed for drilling deeper wells. This led to the development of large-scale refineries and pipelines, which transported oil across the country.
By the early 1900s, the United States was producing more than half of the world's supply of oil. Oil became an integral part of America's infrastructure and even its culture. In his 1908 book Oil!, journalist Upton Sinclair wrote: It is difficult to believe that any other twentieth century invention has done so much for mankind as the discovery of how to use petroleum.
No one knows what the end will be; but already there are automobiles with no horses underneath them; airplanes soaring through space; homes heated by fuel instead of firewood or coal; factories without chimneys sending forth smoke day and night.
And men talk about their occupations with a pride they never knew before! What other forces are released when this black juice runs through pipes into our cities? Who can tell?
It is difficult to believe that any other twentieth century invention has done so much for mankind as the discovery of how to use petroleum.
No one knows what the end will be; but already there are automobiles with no horses underneath them; airplanes soaring through space; homes heated by fuel instead of firewood or coal; factories without chimneys sending forth smoke day and night.