Oil: A Vital Resource - Mineral Royalties

Oil is an essential resource that the world heavily relies on for various purposes. According to OPEC (the Organization of the Petroleum Exporting Countries), global oil demand is projected to reach 110 million barrels per day by 2045. This prediction takes into account the expected increase in worldwide migration over the next seven years. Despite the advancements in alternative energy sources, such as gas hydro, nuclear hydrogen, and biomass, OPEC's secretary general emphasizes that oil remains an integral part of our energy mix.
https://www.msn.com/en-us/money/markets/oil-is-here-to-stay-with-global-demand-set-to-jump-23-to-110-million-barrels-a-day-by-2045-opec-says/ar-AA1d2qET?ocid=msedgntp&cvid=78cb951b7c0b405fb7cbb8f154a99904&ei=13

This viewpoint contradicts the predictions made by the International Energy Agency (IEA), which consistently underestimates global oil demand, according to Paul Sankey. Sankey argues that people's need for oil is fundamental to their everyday lives. The IEA's latest projection might overlook the essential role oil plays in meeting our energy needs.
https://www.msn.com/en-us/video/money/the-iea-consistently-underestimates-global-oil-demand-paul-sankey-on-ieas-latest-prediction/vi-AA1cz7S5?ocid=msedgntp&t=164

However, it's worth considering the consequences if oil and gas were to decline significantly. A BBC article highlights that the burden of higher costs associated with this decline falls disproportionately on those who can least afford it. This raises concerns about the fairness of such a transition.
https://www.bbc.com/news/uk-scotland-66013963

Critics of the push to reduce oil and gas usage often point out the apparent hypocrisy of some prominent figures. They criticize these individuals for advocating against fossil fuels while enjoying the benefits they provide. These critics question the morality of these "elitists" residing in their protected ivory towers, consuming electricity generated from fossil fuels and traveling in vehicles that run on and are made with the very same resources they condemn.

Moreover, it's important to recognize the challenges faced by renewable energy sources like wind and solar power. Despite significant investments made in these technologies, they still require 100% backup support. In a recent statistical review, David Blackmon, a Senior Contributor for Forbes, revealed that fossil fuels continue to dominate the global energy mix, accounting for 82% of total energy consumption worldwide.
https://www.forbes.com/sites/davidblackmon/2023/06/26/statistical-review-finds-fossil-fuels-still-dominate-the-global-energy-mix/?sh=5cf3f967488c

In summary, oil plays an indispensable role in meeting the world's energy needs. While alternative energy sources are growing, oil remains an integral part of the energy mix for the foreseeable future. The predictions and estimations about global oil demand vary, with some suggesting that the IEA underestimates this demand. However, it is crucial to consider the potential consequences and fairness of a decline in oil and gas usage, particularly for those who may bear the brunt of higher costs. The debate surrounding this topic brings to light the complexities and challenges associated with transitioning to renewable energy sources.

Keep in mind, oil is a lot more than energy. Oil by-products are the building blocks for many of the products we use every day.

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