Home Opinion Dear Editor Letter: Do events portend demise of the oil industry?

Letter: Do events portend demise of the oil industry?


Copyright © 2021 Roswell Daily Record

I keep hearing the cries of anguish from the oil industry and its advocates on the new regulations being introduced that are intended to curb pollution and wean the world away from fossil fuels. Personally, I believe that there is no need for any more regulation, and my reasoning may surprise or enlighten you.

A little research found that of each barrel of oil extracted from the ground about 45% is turned into gasoline and 25% into diesel. Very soon this demand will slow and eventually stop, because between 2025 and 2040, (many) countries are banning the sale of new gasoline- and diesel-powered vehicles and going all electric.

The UK and EU are mandating that new cars sold from 2022 onward are fitted with speed limiters, not only to reduce pollution but also to reduce the carnage on their roads from speeding.

Here in the U.S., Massachusetts, New Jersey and California intend to ban the sale of new gasoline cars by 2035, and legislation has been proposed to end the sale of gasoline-powered vehicles nationwide by 2035. (HR 8635-116th Congress: Zero-Emission Vehicles Act of 2020), which I’m sure Mr. Biden will sign if it reaches his desk.

The attitude from the modern oil industry is reminiscent of the whale oil industry in the late 1800s. Then and now, both industries buried their heads in the sand and refused to see the obvious.

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Neil Binderman

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