With every passing moment, the links between technology and established industries continues to grow. With this growth comes improvement in business practices and increased productivity. While this is evident in finance technology throughout many countries, people are only beginning to realize how tech can revolutionize the industry of oil and gas. Lets take a look at the tech trends that have shown the powerful link between technology and gas prices.
Beyond Supply and Demand
At the pump, gas price seems to be nothing more then supply and demand. The greater the demand and the smaller the supply, the greater the cost. What is happening in the oil, gas, and fuel industry at the moment is the goal posts are constantly moving. Previous scientific findings regarding our remaining levels of natural gas and oil are repeatedly being disproven by advancements in technology. Now, dismissed oil reserves are both available and profitable.
Consider as an example the Alberta Tar Pits in central Canada. Home to the second largest reserve of oil in the world, only recently has the tech and infrastructure advanced to the point where it is now a viable option. With the potential to supply a third of the United State’s oil needs by 2030, this kind of tech inspired environment technology is becoming a game changer. And, as prices are determined in part by supply, the continuing supply of gas from Canada will help to keep costs down in the future.
The Influence of Tech in Equipment and Systems Management.
Able to consider and process countless factors into a workable and executable model, tech in the oil and gas industry is taking off. The use of predictive analytics and energy analytics means that oil companies can stay invested with their current holdings longer, ensuring a steady supply of material to maintain gas prices. While making predictions better, tech has also been utilized in a number of new technologies to find gas deposits. No longer merely speculative, industries like gas production in northeastern US are becoming a viable means for producing materials to keep the gas and energy industry and the economy moving.
BP Analytics is a business software development company providing cutting edge solutions from small start-ups to large corporate organizations encompassing projects such as social media site platform development to oil manufacturing inventory management systems. For more information visit www.bpanalytics.com