Guest Editorial: The Unavoidable Truth: The World's Growing Need for Oil

Oil remains an indispensable and irreplaceable part of the global energy mix. As convenient, efficient, and highly energy-dense sources, natural gas and oil are simply unmatched by any currently available alternatives.

Rows of oil barrel drums decreasing in bar chart format with pump jack silhouette against a sunset sky with deliberate lens flare and copy space. Concept of decreasing oil production output or falling oil prices.
Source: Ronnie Chua/Getty Images/iStockphoto.

In a world populated by over 8 billion people and counting, the demand for energy has never been higher. Despite the push from the green energy movement advocating for renewable sources like wind and solar, the harsh reality is that these alternatives alone cannot sustain the world's voracious appetite for power—not currently or in the foreseeable future.

The truth is that oil remains an indispensable and irreplaceable part of the global energy mix. According to Statista, more than 100 million bbl of oil are needed daily to meet the world's steadily rising energy requirements. From transportation and manufacturing to heating, electricity generation, and countless other vital applications, oil is the lifeblood that keeps modern civilization running smoothly.

As convenient, efficient, and highly energy-dense sources, natural gas and oil are simply unmatched by any currently available alternatives. This fundamental reality is what drives me to explore and drill for new oil reserves to help secure the energy supplies that will power human progress.

America’s Rising Importance in the Global Oil Equation

In the global quest to locate and extract new, viable oil supplies to meet escalating demand, the US has emerged as an increasingly vital player. With its well-developed infrastructure, business-friendly policies, and decades of industry experience, America provides an attractive environment for bringing new barrels of oil online more rapidly than many other regions around the world.

However, despite these advantages and increasing calls for greater domestic production, US oil companies have shown surprising restraint in substantially ramping up output, even with oil prices averaging around $90/bbl as of April 2024 before it "settled at $84/bbl on 2 May." There appears to be a concerning lack of investment and growth in American oil production at a time when the world is desperate for more supply.

The Relentless Pursuit of New Oil Reserves

As the CEO of an oil exploration and production company, I firmly believe that boldly pursuing new oil reserves is crucial to meeting the world's growing energy needs. It is this conviction that drives me and the rest of my team to uncover the next sources of oil to power human progress.

Through strategic exploration initiatives guided by the latest geologic data, cutting-edge drilling technologies, and an unwavering determination, we are seeking out untapped oil reserves. Our goal is not only to increase production levels but also to make a meaningful contribution to US oil output and global energy security.

While some industry voices chase fleeting trends or pander to mainstream narratives, our approach remains resolutely aligned with energy pioneers like Doug Sheridan, managing director and founder of EnergyPoint Research based in Houston, and Chris Wright, CEO and chairman of the board of Liberty Energy.

These respected leaders have spent their careers monitoring supplier performance, customer satisfaction, and reliable and affordable energy sources in both the commercial and corporate sectors, and both have held numerous positions on energy councils in the US and UK, respectively. They understand that oil and natural gas are not just commodities, but rather vital enablers of economic growth, job creation, and improved living standards worldwide.

Sheridan's advocacy for the oil and gas industry resonates deeply, as he highlights its importance for American energy independence and national security. Wright's defense of the sector reinforces my conviction that a robust oil and gas industry is essential for powering human advancement and prosperity.

In lockstep with these pioneers’ philosophies, our team is charting a steadfast course focused on responsibly increasing global access to affordable, reliable energy. We see our efforts not merely as a commercial endeavor, but as a critical mission to ensure the energy supplies that allow billions to raise their quality of life.

The Harsh Truth and Critical Mission

As the world's population continues to grow and energy demands escalate, the reality is that our civilization cannot afford to ignore the unavoidable truth: we desperately need more oil and gas production to meet these soaring needs. Companies driven by a commitment to this critical mission are essential to locating and extracting the vital oil reserves that will (quite literally) power human progress and prosperity in the decades ahead.

In the face of mounting energy requirements, limited supply levels, and intense global competition for resources, the efforts of like-minded energy producers take on heightened significance. Their work is not just about profits or market share, but about ensuring access to the energy supplies that make modern life possible for people everywhere. It is a mission that impacts us all.

Adam Ferrari leverages nearly 20 years of experience in the oil and gas industry as a leader at Phoenix Capital Group, focusing on key initiatives for the company’s growth. Raised in an Illinois farm town, he earned his chemical engineering degree magna cum laude from the University of Illinois at Urbana-Champaign. Starting at BP in the Gulf of Mexico, Ferrari honed his engineering skills, then moved through various leadership roles and a stint in investment banking at Macquarie Capital. His entrepreneurial drive led to the founding of multiple oil and gas ventures. Phoenix is the culmination of his work experiences and is his most important project yet.