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Global Depletion Of Oil

Essay by 24  •  November 9, 2010  •  819 Words (4 Pages)  •  762 Views

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SUBJECT: Global Depletion of Oil. The way United States makes use of it's oil, it will be running out of oil in 27 years. This proves to be a major and serious problem for the world to face in the near future. If oil is to run out we will have to start using other means of energy such as bio fuels and other substances which further contribute in the addition of greenhouse gases such as carbon dioxide.

BACKGROUND: Oil for the longest time has been a major energy source giver to various sectors of our society. However, we are soon to be approaching a phase where this luxury will be taken from us. Major companies believe the era of cheap oil is over, oil will now be much more expensive. Oil is a resource in finite supply; however no major oil fields have been found since 1976. The International Energy Agency recently forecast that world oil demand (not supply!) would reach 119 million b/d by 2020. A 1% annual growth in world demand for oil could cause global crude production to peak at 83 million b/d in 2016, according to Douglas-Westwood analysts. A 2% growth in demand could trigger a production peak of 87 million b/d by 2011, while 3% growth would move that production peak to as early as 2006. Zero demand growth would delay the world's oil production peak only until 2022.

DISCUSSION: During the 1980's, oil consumption dropped around the world as the delayed effects of the energy crisis led to the use of more fuel-efficient cars, better insulation in homes and so on. Although economic growth led to a gradual recovery, as late as 1993 world oil consumption was only slightly higher than it had been in 1979. In the United States, oil consumption didn't regain its 1979 level until 1997.Since then, however, world demand has grown rapidly: the daily world consumption of oil is 12 million barrels higher than it was a decade ago, roughly equal to the combined production of Saudi Arabia and Iran. It turns out that America's love affair with gas guzzlers, shortsighted as it is, is not the main culprit: the big increases in demand have come from booming developing countries. China, in particular, still consumes only 8 percent of the world's oil - but it accounted for 37 percent of the growth in world oil consumption over the last four years. Worldwide natural shortages of oil and natural gas may lead to substantially higher prices for the gasoline, plastics, medicines, fertilizer, rubber and many other things that are made from oil and natural gas. The collision between rapidly growing world demand and a limited world supply is the reason why the oil market is so vulnerable to jitters.

CONCLUSION: We will run out of oil. Reducing the potentially catastrophic accumulation of greenhouse gasses would be a side benefit of using fossil fuels much more efficiently. Reducing fuel consumption will also reduce emissions of toxic mercury, lead, arsenic, nitrous oxides, and other pollutants that are released

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