Oil and gas is a collective term that refers to liquid and gas hydrocarbons extracted from the subsurface. The term oil and gas may refer to crude oil, Hydrocarbon exploration, and Natural gas. Petroleum is very important to many industries in maintaining the developed society itself thus it is a serious apprehension for many countries. Some petroleum industry operations have been responsible for water pollution, through by-products of refining, and oil spills. The combustion of fossil fuels produces greenhouse gases and other air pollutants as by-products. Pollutants include nitrogen oxides, sulfur dioxide, volatile organic compounds and heavy metals.  As petroleum is a non-renewable natural resource the industry is faced with an inevitable eventual depletion of the world's oil supply.

Gas and oil companies are recently experiencing crisis that may lead to loss and lead to downsizing because the drop in energy prices from last year’s highs reduced profits and led the company to scale back its investments in renewable energy. Petroleum industries are divided into five sectors the Upstream, Downstream, Pipeline, Marine and Service and Supply. Upstream is the exploration or the development and production of crude oil and natural gas. While Downstream is the oil tankers, refiners, retailers and consumers.  As petroleum is a non-renewable natural resource the industry is faced with an inevitable eventual depletion of the world's oil supply.

Oil price hike is affecting many countries and the reason for the rising of the oil price is deteriorating U.S dollar, the exploratory trades, the range positioning of funds and the attacks in Nigeria oil installation. As we all know Nigeria is Africa’s largest oil producer that imports oil to the U.S that’s why the turmoil in Nigeria affects the United States more than the other countries.