Final answer:
The Green New Deal could significantly impact the oil industry by reducing fossil fuel dependence, potentially decreasing oil demand and reshaping the long-term viability of the industry. Advances in renewable energy and changes in public policy could further diminish the oil industry's dominance, even as factors like new discoveries and applications for oil might temporarily bolster it.
Step-by-step explanation:
The Green New Deal proposes a significant shift towards sustainable energy sources, which has a potential impact on the oil industry. The initiative suggests moving away from fossil fuels, reducing the need for oil and thereby affecting the profitability and long-term viability of the oil industry. Factors such as major discoveries of oil, slowdowns in major oil-using nation's economies, disruptions due to conflicts, and advancements in alternative materials and energy sources like solar energy, have complex and often competing effects on the oil industry. On one hand, a major discovery of oil off the coast of Norway can temporarily boost supply and potentially lower prices, maintaining the relevance of the industry. On the other hand, a slowdown in economies, such as Japan's, can decrease demand for oil. Wars and geopolitical tensions can disrupt supply chains, while energy efficiency measures, like landlords installing additional insulation in buildings, and a dramatic fall in solar energy prices mean less dependency on oil. Furthermore, the invention of new plastic materials from oil could create a boost in demand for oil outside of its energy use. However, the overarching emphasis of the Green New Deal on reducing carbon emissions, along with evidence of more jobs in the renewable sector, suggests that the oil industry faces an existential challenge. As sustainable energy technology improves and becomes more cost-effective, the oil industry could see a significant decrease in demand, leading to potential downsizing or restructuring towards more sustainable practices.