About the World Oil Crisis+ Implicationsby | 21-12-2012 02:41 |
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Oil has taken 50-350 million years to form. Today, there is an oil shortage because be have drained nearly half of the oil reserves. Today, oil production in 33 out of 48 out countries has now peaked, including Kuwait, Russia and Mexico. Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. Still, the world now consumes 85 million barrels of oil per day, or 40,000 gallons per second , and demand is growing exponentially! PROBLEM: The problem over here is that we the demand for oil is high yet oil is a non-renewable resource and is rapidly being depleted. The oil left in the earth?s crust has fallen over the years. Oil takes millions of years to form and in order to get oil we will have to wait for millions of years and there is no current solution as yet.Effects of the world oil crisis ~Fuel, petrol and oil prices are shooting up. ?A barrel of crude costs some 15% more than it did at the beginning of the year. In the first three months of 2011, the oil price surged by almost 35%.? ~Due to high energy prices, several industries have shut down due to high production costs and this reduces a country?s GDP. ~?Nations start bid to secure remaining contracts, driving oil prices to record highs. ~Increase cost of living for citizens of a country forcing them into poverty. ~Increase in the cost of transport that uses fuels which means increased bus fares and cost of air tickets. ~Countries who earn majority of their GDP from oil exports , will have their whole economy crushed as they heavily depend on the oil. The solution to this is simple. We must find alternative renewable sources of energy.: - Hydrogen powered machinery -Ethanol Powered cars like in Brazil -Hybrids -Styrofoam powered cars (Development Stages) -Algae powered cars (Development Stages) These are just a few that exist. Here's a simple activity, What would you want the fuel of your future car be made from? Here's mine - Non-biodegradable garbage fueled car Statistics from |
