no more oil

Topics: Petroleum, Peak oil, World energy resources and consumption Pages: 2 (695 words) Published: September 20, 2013
Oil has had a profound impact on the world civilization than any other single natural resource. It is the principle energy source sustaining our civilization and economy in the world. Currently, oil is among the world’s most important natural resource, without it, the world would not function as effective and as efficient as it does today (Science Classified 2008). “Oil has become a very decisive element in defining the politics, rhetoric and diplomacy of states” (Agbebi 2009, p.1). Economically, oil plays a huge part in international trade since all countries need it but not all countries are able to produce it. However, oil is a finite resource and someday it will run out (Jamall 2012). The point in time at which the supply of oil is at its limit is known as peak oil. After this point, oil supply will begin to decline (Ecomii 2012). Based on the reserve estimates from OPEC, peak is expected to be around 2030 (World in Motion 2010). When the time comes where there is a depletion of world oil, consequences will arise, not only at a domestic level but also on a global scale. Therefore, it is important that we begin to come up with alternatives for this valuable source otherwise we will struggle to maintain our current lifestyles. Crude Oil is the most traded commodity in the world (Shah 2011). There is an increasing demand for oil and this will not change anytime soon. It’s function and significance around the world is enormous and simply, the world could not function as it does today without the resource. “Oil touches nearly every single aspect of the lives of those in the industrialised world. Most of our food, clothing, electronics, hygiene products and transportation simply would not exist without this resource” (Jamall 2012, para. 1). “Petroleum is the most critical energy resource for modern economies, supplying about 40% of the world’s primary energy and nearly all of the fuel for the world’s transportation systems” (Greene, Hopson & Li...
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