Even with the rise of renewable energy, Gulf Coast Western’s Steve Ziemke believes oil and gas are essential to America’s future. As senior vice president, Ziemke understands the complexities of the oil and gas industry and why continued exploration is critical for the economy.
Ziemke explains that oil demand is increasing globally, with prices projected to remain high and stable in 2023. The transition to electric vehicles will likely not impact prices for 10-15 years. “In Gulf Coast Western‘s outlook, I see strong oil prices helping in our clients’ returns, both short term and long term,” he says.
The oil and gas sector also supports millions of jobs, from oil field workers to truck drivers. Its growth spurs activity in related industries too, like manufacturing and construction. The industry pays substantial taxes as well, generating revenue for communities across the U.S.
Technological innovation is another benefit. Companies invest heavily in R&D to improve exploration techniques and efficiency. These advancements have spillover effects on other sectors, fueling America’s role as a global innovator.
Oil and gas products are also essential for everyday life, from plastic car parts to petroleum-based goods. With demand increasing alongside population growth, Ziemke believes continued U.S. exploration is vital: “There are vast oil and gas reserves available to us and I think that will help continue to meet needs and to keep us independent.”