Oil is still in demand
While it might not be the world’s most valuable resource, oil is still in demand and used throughout global industries. We still need oil for our car engines, or for other transport fuel too. We’re yet to get to a point in society where every mode of transport is 100 per cent sustainable and is run by electric engines.
There are still plenty of uses for mined oil, so there are still plenty of potential buyers for what remains an expensive product. With that being said there’s still the potential to make a lot of money, it all depends on how lucky you are and where you choose to mine for oil.
So, does this mean the oil industry is still a profitable place to start a business? The truthful answer is yes because there are still plenty of companies making a profit right now.
However, it’s certainly harder than it used to be. Overhead costs weren’t that big of an issue when oil was the number one resource in the world. Normally, you’d be confident of finding oil and earning all the costs back.
These days, as oil resources go down, there’s more trial and error involved, meaning it’s harder to make a profit. As far as small business ideas go, it’s not a good one. But, as a big business idea with plenty of financial backing, you can still make a load of money.