Mixed views on oil, gas long term

DESPITE overwhelming agreement that the oil and gas industry is necessary for a modern lifestyle, only half people taking part in an Ernst and Young survey agreed that the sector would be important in 100 years from now.
Mixed views on oil, gas long term Mixed views on oil, gas long term Mixed views on oil, gas long term Mixed views on oil, gas long term Mixed views on oil, gas long term

Staff Reporter

The oil and gas consultant noted in the results of is survey that respondents in the US value oil and gas for important reasons, but those motivations did not necessarily translate into support for the industry's future.
 
"Eighty percent of consumers responding to a recent nationwide poll conducted by EY agree the oil and gas industry is important to the US economy, and 79% see it as an important job creator. These findings suggest an affinity for the industry. Yet, fewer than half of consumers trust the industry or would welcome it in their community. Further, a majority (53%) of consumers assert the industry causes problems rather than solves them," EY said.
 
According to the US oil and gas perception survey, the energy industry has a supportive base to build on with a plus-21% net-positive perception rating. However, respondents' positivity varies depending on the fuel source. Oil, the fuel most closely associated with the industry by respondents, has a plus-5% net-positive perception rating while natural gas has plus-49% net-positive perception rating, second only to renewable fuels with the most positive sentiment scores (plus-73%).
 
"The energy industry is providing products the public demands. But clearly, there is a rift between what consumers want, how they want it and the public's understanding of the industry. This gap poses a challenge for the future of oil and gas companies, and may influence their interactions with prospective employees, communities near current or future operations, shareholders and even with consumers of energy products," EY spokesman Deborah Byers said.
 
The report outlines that, although industry executives and consumers do not always see eye-to-eye on the traits and favourability of oil and gas, there are some important areas of agreement. When asked whether oil and gas should or should not be the primary sources of energy "in our lives or if oil and gas should be the primary sources of energy in our lives" until cleaner fuels can replace them, both industry executives (78%) and consumers (58%) agreed oil and gas should be the primary sources of energy until cleaner fuels can replace them.
 
Responses from industry executives and consumers also point to the need for increased communication between the industry and the public. In fact, 75% of industry executives say the industry does a fair to poor job communicating with the public.
 
When presented with findings from the consumer survey, many executives acknowledge the negative findings are the result of poor - or absent - communication.
 
"Also, interestingly, many industry executives believe the public holds more negative, and less nuanced, views of the industry than it actually does. While 46% of respondents said they trusted the industry, only 24% of industry executives anticipated having the public's trust," EY said.
 
Teens specifically expressed feelings of being overlooked by the industry. Half (52%) believe oil and gas decision makers are mostly interested in what's best for people their age, and 49% believe the industry isn't interested in what's best for Generation Z. In fact, from the Silent Generation to Gen Z, there is a steady decline in agreement with the statement "oil and gas is good for society". A net 63% of the Silent Generation and 38% of Baby Boomers agree with this statement, while only a net 3% millennials see oil and gas as good for society. Gen Z was more likely to say oil and gas was bad for society.

 

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