Recently, oil has been the most important topic of discussions across the Globe. With oil prices dropping, striking fear among some of the big investors in the sector, there are still more than enough reasons to believe that oil still is and will continue to be very important in our economy for a long time. Something for sure is that everyone should come to term with is that, the oil business drives the current economy in a way that makes it a lucrative yet viable business venture. In order to understand this fact let’s answer the big question ‘Why is Oil so important in today’s economy?’

Irreplaceable energy resource

For a long time now, oil has been the main source of energy in our economy. Analysts have shown for a fact that even though the World is advocating for green energy, replacing oil at the helm of energy production will take centuries considering the increasing demand for energy in the society.

Most economical resource

Most industrial engines basically run on oil, a bigger percentage of the engines being manufactured require oil as the main fuel. The fact that oil is easily available to the society which makes it a cheap resource as compared to other energy sources, it will definitely continue to be very important in our economy.

Transport industry rely on oil

Transport industry is one of the main consumers of oil and its related products. Considering that over 90% of vehicles burn oil fuel, not forgetting the planes and ships; oil can never be neglected as the economy driver.

Even though the oversupply of oil is affecting the oil business, analysts are sure that there is no need for panic whatsoever. Statistics show that returns could go up to 35% or so between a span of one year from now.