Technology’s impact on the oil and gas industry

You would indeed agree that the oil and gas sector is one of the most important sectors which drives global trade today. At the same time the sector is one which has a history of technological innovation. Trends in the past had been such that the innovation supported crude oil and natural gas. However the same technological innovations which had supported the same in the past currently seems to challenge it. In fact it has caused structural changes in the crude oil and natural gas markets.

Crude oil the initial uses

Initially, crude oil was mainly used for lighting. This changed over time following the invention

of the internal combustion engine. It was something that outperformed steam engine in power, range and ease of operation and maintenance. This also led to invention of the conveyor belt, which made it possible to mass-produce the internal combustion engine at a price which was affordable to the masses. Shortly thereafter crude oil became the transportation fuel of choice. The horse drawn carriage was soon replaced by the car; the locomotive by the diesel train; the steamship by the motor vessel;

How it became important over time?

Thus with technological innovation the second great energy revolution happened. This was a major shift from coal as a source of power to crude oil and natural gas. This mainly occurred during the first half of the 20^th century.

The present challenges for the oil sector

At present crude oil and natural gas, which were the great beneficiaries of earlier technological innovation, find themselves challenged. This is owing to continued technological innovation. The present challenge is innovation in battery technology .Thus today’s in order to cut down the alarming levels of pollution nations are trying to adopt technologies which are driven by electricity which includes the auto sector. Thus in case you are the owner of a gas station, we know that you would be facing challenging times. This might have impacted your profitability.

Used service station equipment a good alternative

In order to ride over the challenging times, buying good quality gas station equipment may be the best way to cut down costs and improve the already shrinking profit margins. For that you need reliable gas station equipment suppliers like Paul and Associates who have been in the business of supplying high quality refurbished gas station equipment since long. For more information please visit http://www.paulandassoc.com/