If we run out of oil won't that degree be useless?
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The supply of oil is in no danger of drying up any time soon. Even as conventional oil fields like you probably think about in Texas and the Middle East are being depleted there are new sources of oil such as tar sands and shale oil being exploited at higher efficiencies. Furthermore, petroleum engineers don't just focus on oil. Natural gas drilling requires drilling, reservoir, and production engineers as well. Finally, an often missed point is that oil is the cheapest source of the hydrocarbons necessary for the plastics and chemical industry. Even if every car, plane, and power plant were converted such that they did not require petroleum based fuel, there would still be massive demand for oil from other industries.
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The degree you are seeking pays really well but you also have to study ALOT! don't worry about oil drying up because that is not happening anytime soon
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it really pays well