Crossword puzzles published by NYT are viral among people, providing both fun and mental challenges. Many solve them to expand their thinking capacity. Today’s crossword clue is One in the oil business? It was published on 5 February 2023 – click to see its answer.
The oil industry is an indispensable element of global economics, generating revenues of $5 trillion annually and contributing significantly to development efforts in many nations. But its complexity can often be daunting for newcomers due to its proprietary terms and metrics; geopolitical influences also play a substantial role, altering oil and gas prices accordingly.
Upstream oil and gas companies are responsible for exploring and producing crude oil and natural gas resources and developing the infrastructure needed for transporting them; their output is often measured in barrels (42 U.S. gallons). Meanwhile, midstream oil storage operations ensure products reach refineries before being distributed to consumers safely – storage must meet domestic and international demand, avoid shortages, and remain secure to prevent safety concerns.
While the oil and gas industry has experienced considerable volatility over recent years, it has experienced an encouraging rebound due to improved market conditions and efforts by both OPEC and non-OPEC nations to limit production. Furthermore, renewable energy development affects traditional oil and gas companies’ profits.
Morgan Stanley released a report that predicted consolidation among major oil companies into an elite group known as Super-Majors (Big Oil). Although its composition varies among sources, members include ExxonMobil, Chevron, BP Royal Dutch Shell, and Eni. Big Oil collectively generated revenues exceeding 1.68 trillion U.S dollars between 2022 and 2025, with ExxonMobil producing the most profits.
Even at such an enormous size, major oil companies face significant obstacles as society shifts away from fossil fuels towards more environmentally friendly energies. European oil and gas companies such as BP, Royal Dutch Shell, and Total are investing significant resources in renewable energy while decreasing oil use, yet these investments won’t pay off for years. Big Oil companies like Exxon face lawsuits from governments and environmental groups that allege they contribute to climate change. Exxon recently bought up smaller rivals to indicate that it expects fossil fuels to play an essential role in years to come. Meanwhile, state-owned firms like China’s Sinopec and Russia’s Gazprom do not face pressure to reduce carbon emissions and are focused on overseas expansion rather than reduction.
Oil business jobs offer high pay with high potential rewards for blue-collar workers, and President Donald Trump has promised to revitalize it as prices increase. At the same time, however, automation is replacing manual tasks within this sector: computers direct drill bits while sensors on wells alert headquarters of any issues; engineers and geoscientists can monitor progress remotely from control centers hundreds of miles away; they can even shut in wells without having to travel there themselves; however this doesn’t offset field hands any longer needed for lifting chains and iron.
Thousands of workers in states that rely heavily on severance taxes are losing their jobs, with many being laid off or furloughed, having severe repercussions for both the economy and society as people stop buying gas or flying to visit friends and family – this may further slow economic recovery; refineries are reluctant to turn crude into gasoline and diesel for distribution as international trade slows sharply; companies are stockpiling oil wherever possible in storage tanks and vaults.
At Parsley Energy, a small producer in West Texas’ Permian Basin, where prices have been especially volatile, the chief financial officer announced this year that spending would be reduced by $300 million – an astounding reduction compared to 2016, when they spent more than double this sum on purchasing land and installing drilling rigs in that oil-rich region of West Texas.