Almost everyone is happy when oil prices fall and consumers save money at the pump. However, there is a difficulty with oil prices falling too far too fast which is almost never brought up. Everything that has a beginning has an end, and this includes the oil industry. There will come a day when the world’s oil demand will peak and the oil industry will begin its slow decline into history. When this day will come is still the subject of much debate; but whether in 20 years or 80, it is coming. When that day environmentalists anticipate so eagerly does come to pass what will remain? Among other things, the infrastructure which once moved oil across the globe.
ecommissioning oil wells and freighters is a relatively simple matter; but much of the oil transported across the world is moved through pipelines. Pipelines stretch hundreds or thousands of miles and often have sections which run under water. These pipelines which have been being built for over a century are made of steel and the problem with steel is, no matter what is done to prevent it, steel always rusts. Many of these rusting pipelines remain in use well past their intended lifespan. Of course, the oil industry is aware of this, and has made significant strides to prevent further deterioration of their assets.
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