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Merits of the Oil and Gas Industry

The oil and gas industries is associated with very many benefits. This is because the industry has grown a lot over the past years. The economy has been positively by the oil and gas industry. This is because of the taxes and royalties the industry pays to the state. The industry funds schools, roads and emergency services in this case. All these sectors would not get the funding if it were not for the oil and gas industry.

Another benefit of the oil and gas industry is that it has improved employment and job creation. Unemployment has become a great problem in most countries nowadays. This has led to increased theft and crime rates in these countries. The oil and gas industry has played a great role in eliminating employment problem. Many people are actually employed in the industry. The economy of most countries has been increased a lot by this job creation. The oil and gas industry has been responsible increasing more labor opportunities. The industry has a lot of departments under it. Increase in demand is what has led to the increase in the employment levels.

The oil and gas industry plays important roles in other industries. Such industries include the petroleum-based industries. The oil and gas industry has very many bi-products. These bi-products are being used in our daiy activities. Candles, footballs and cameras have a variety of uses in our society today and they all come from the oil and gas industry. Refrigerating your food and washing your hair would be hard if it were not for the oil and gas industries. Production of medicines, computers and life-saving machines has been made possible by the oil and gas industry.

Another advantage of the oil and gas industry is that it is a major source of power. The oil industry is responsible for producing the power you use at your home all day. There have been very many advancements in the technology in the oil and gas industry. This has been possible because of the many years of production. In this case the production of power has become highly reliable. Another advantage of the oil and gas industry is that it eliminates the dependency on other countries. Instead of importing oil, countries have been able to export. In this case an energy market is created and it pulls money into the country. Compared to when money is moving out of the country this is way better. The industry has been able to achieve profitable margins without increasing the cost of oil. The average citizen has been able to take advantage of low energy costs in this case. In conclusion the oil and gas industry has played a great role in the economy of the country.

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