Last week’s poll: the future of the oil and gas industry

With oil prices enjoying a rebound, our poll last week asked readers for their opinions on the future of the industry. 

While cleaner forms of energy such as hydrogen and renewables continue to advance, society at large is still enormously reliant on fossil fuels. The US fracking boom - coupled with Saudi Arabia's reluctance to curb production - has kept the oil price deflated in recent years, but the black gold is once again on the rise, currently trading for about $75 a barrel. A return to $100+ in the near future could well be on the cards.

In light of this reversal of fortunes, we asked our readers about the long-term prospects for the industry. The poll saw a relatively even split between the three main options. Almost a third (31 per cent) believe that the industry will decline over time, but a higher proportion (38 per cent) think the industry will adapt to changes in the energy market, surviving on new channels of income. Although most of the petroleum giants are already invested in alternative energy solutions, oil & gas still makes up the vast bulk of their revenues, and a major shift away from fossil fuels is yet to materialise. This inertia has perhaps prompted a significant number of respondents (28 per cent) to believe that the industry's fortunes will continue to fluctuate, as they have for decades. Just three per cent of readers chose the 'none of the above' option.