The Nigerian economy is vastly depended on oil and many Nigerians have argued the need for our government to diversity in order to increase our economic options. Some people have argued that Nigeria may fizzle out when her oil dries up or when the world no longer needs oil. Well, INFORMATION NIGERIA brings you 4 reasons why we think the world would always have cause to need oil…
– Some of you might already know that there are other energy sources in existence but petro is just generally cheaper in most cases. Even alternatives to actual hydrocarbon fuel exist in the form of hi lipid algae and biofuels from sugarcane and corn, but they each have their own economic challenges to becoming a true replacement to crude oil.
-16% of the hydrocarbon extracted are used in manufacturing – such as clothes, plastic bags, detergents and farm equipment.
-Even when an alternative to fuel produced from crude eventually is developed overtime, petrochemicals provide a huge variety of non-energy sector chemicals that are essential to modern society. Therefore, even if we stop burning oil for fuel, the remaining market for the chemicals used in everything from agriculture products to computer manufacturing to construction technology that are contained in crude oil is significant.
-Again, the advantage oil has is it has high energy density, is easily extracted, has a vast distribution system, lots of individual users, and a huge consumer base. This is something the alternative source would learn to beat.
What do you think///