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Industries » Oil, Gas, and Energy
Energy solutions, from the use of oil and natural gas to the alternative energy solutions in use or proposed, represent a large factor in the world economy. To put this in perspective, some predict oil costs to rise to $112 a barrel. The US uses 30 million barrels of oil a day and the European Union uses 15 million, Japan five million, and Russia two million ($2.3 billion, $912 million, $380 million, and $146 million dollars per day by region). Factoring in the costs and revenue generation for natural gas consumption, construction of power plants (gas, coal, nuclear, thermal, and hydropower), and research, the large economic impact of this industry is easily understood.
While the developed world still relies predominantly upon nonrenewable fossil fuels, such as oil, natural gas, and coal for energy production, the need for renewable energy continues to grow steadily as a result of decreased fuel supplies (and corresponding price increases) along with the ecological impact of fossil fuel consumption. Renewable energy from solar, wind, biomass, hydrogen, geothermal, ocean, and hydropower combined with nuclear energy help reduce the world’s reliance on fossil fuels. All of these energy sources represent large, economically powerful industries that offer business opportunities worldwide.
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