Why My Future in the Energy Industry is Bright Essay

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Energy: A Bright Future Through Diversification



The energy industry has been a lucrative and growing one for generations, and will continue to be so in the future. Multiple sectors depend on the robustness of the energy industry for their long-term success, ensuring the relevance of and reliance on the energy business for the foreseeable future. From space exploration and military technology to utilities and essential services, quality energy sourcing, processing, generation, and distribution are all crucial to life on earth. Furthermore, the world's population is growing at an alarming rate, necessitating new products, services, and innovations to fit growing energy needs. The industry's ability to adapt to change, mitigate risks, and manage market forces makes it certain that my future in the energy field is a bright one.



Granted, a "massive transformation" is predicted for the future of the energy industry due to the boom in solar projects around the world, coal plant closures around the world, and "ultra-low oil prices," (Fehrenbacher 1). These are a few of the challenges the energy industry faces, and will continue to face with aplomb. The future of the energy industry depends on its industry leaders to work with the forces of change rather than against them, using change as an opportunity to address our shortcomings, bolstering our ability to provide cleaner, more efficient, and more sustainable solutions for the future. Working with governments and private sector organizations to transform the energy industry will ensure that our diversification will become our greatest strength. The following illustration reveals only a few of the currently prominent energy sources.



Current threats and challenges to the energy industry include reduction in prices of crude oil, energy policies that are pushing the industry toward forced diversification, and changing consumer demands around the world.

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The energy industry is ready and able to respond to these challenges with diversification and strategic partnerships with the public and private sector. Diversification is in fact the key to the industry's success, and the industry has already responded to the challenge by embracing a wide range of energy sources, technologies, and business models for distribution. Even as the energy industries shift away from non-renewable sources like coal, coal does remain relevant in some geographic regions like India (Fehrenbacher). Nuclear is also burgeoning in some regions due to the low emissions presented by nuclear. Part of the reason why my future in the energy industry is bright is because the world's diverse energy needs are being met with a wide range of energy products and services. Yet renewables are not the only part of an energy portfolio. As Nyquist points out, "reports of oil's death have been greatly exaggerated...oil isn't running out," (1). My future in the energy industry is bright in part because I recognize the value of diversification.



Demand for oil and gas will continue to increase for decades to come, due to global population growth and industries in countries like China and India. However, demand for oil and gas will gradually diminish as renewable energy sources rise (Helman). In fact, a "growing world population from 7 billion people today to 9 billion by 2050 will need much more energy -- in particular as most of these people will aspire a life like we have here in North America," (Helman). Renewables will provide the solution for promoting growth and economic development while complying with emissions standards and the shifting demands of consumers. The….....

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References


Bocca, Roberto. "Three Trends Transforming the Energy Sector." World Economic Forum. Retrieved online: https://www.weforum.org/agenda/2016/03/3-trends-transforming-the-energy-sector/

Cordeiro, Jose Luis. "Energy 2020:A Vision of the Future." Lifeboat Foundation. Retrieved online: https://lifeboat.com/ex/energy.2020

Fehrenbacher, Katie. "Five Energy Trends to Watch in 2016." Fortune. Retrieved online: http://fortune.com/2015/12/30/5-trends-energy-2016/

Helman, Christopher. "This Oil Bust Will Change the Energy Industry Forever." Forbes. Nov 3, 2015. Retrieved online: http://www.forbes.com/sites/christopherhelman/2015/11/03/this-oil-bust-will-change-the-energy-industry-forever/#51751ab56f90

Nyquist, Scott. "The Future of Energy." The Mckinsey Podcast. Retrieved online: http://www.mckinsey.com/industries/chemicals/our-insights/the-future-of-energy

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