Oil, Oil …Everywhere?

The remains of ancient life has become one of the most significant commodities on the global market. It takes the form of oil, a crude liquid that has a nearly unlimited number of applications in modern life. For about a century, the black gold has been one of the most consumed natural energy resources by Americans. As of late 2007, the US consumes about 20 million barrels of unrefined oil per day. A controversial 12 million of those barrels, is imported from foreign soil. It’s occasional for Americans to debate whether or not importing oil is a threat to our security and economy. Lately though, oil companies and government scientists have re-evaluated the oil-consumption situation; as part of a continuing process of monitoring production/consumption levels.

Geophysicists working for oil corporations continuously measure the levels of oil resource remaining in major fields. These records have been used to circulate predictions of mixed accuracy. While predictions concerning consumption rates are inevitably uncertain, production expectations are highly predictable. Virtually all production-predictions agree that international oil production will fall permanently between 2010-2040. This outlook is not certain though, as technology could possibly increase production potential. Either way, international oil production will eventually peak, and fall forever.

While this may seem like a terrible future, I feel that this will not spell doom for western societies. As the cost of oil rises due to supply and demand, demand will also rise for alternate energy technologies. Our knowledge of physics increases at an exponential rate, and technology as well. The real question is, will technological advancements come in time to alleviate economic hardship. I feel it will, but what are your opinions? 

 

by: Not Albert Speer

Not Albert Speer

Advertisements
Published in: on January 28, 2008 at 9:54 pm  Comments (1)  

The URI to TrackBack this entry is: https://pccapitalist.wordpress.com/2008/01/28/oil-oil-everywhere/trackback/

RSS feed for comments on this post.

One CommentLeave a comment

  1. yes, hydrogen powered vehicles is the great hope and the advanced industrial nations are just taking their time making the switch, I think.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: