Petroleum is a naturally occurring, non-renewable, liquid consisting of a complex mixture of hydrocarbons and is often referred to as a fossil fuel. Also known as crude oil, it has the potential to become many end products such as the petrol pumped into automobiles or airplanes as well as industrial and consumer based plastics.
Many scientists have warned of the possibilities and repercussions of Peak Oil, but these warnings have been dismissed. Peak Oil is when the rate of Global Oil Production changes from its current increasing trend to an inevitable decline (Robinson, 2004). The North Sea, Alaska and Mexico’s Canarell are major oil fields already in an evident decline. Australia’s Bass Straight reached peak oil production in 1985 and has not recovered, similarly the total oil production for Australia has been declining steadily since 2000 and is expected to continue (Robinson, 2004).
Since the Industrial Revolution, oil has become a vital source of energy and production for industries and civilization in general. Therefore it would be illogical to completely cease oil production and rely entirely on other scientific methods, such as alternative energy sources which currently contribute a mere **, as this would have dire consequences. For example, if Australia’s wheat crops were converted to ethanol which can be used as an alternative fuel source, current oil needs would only be offset by about 9% and there would be no bread or wheat to export (Robinson, 2004). However, as oil production levels have evidently peaked whilst the demand grows and is forecast to continue to increase, it is obvious that adaptations to fuel use and efficiency need to be implemented.
Australia is already overpopulated with 20 million peo...
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...d the financial strains on individuals with rising prices of fuel and other expenses.
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http://www.aspo-australia.org.au/References/Abstract_Lisbon_Robinson.pdf
Semantically fossil fuels are a renewable source of energy, however given that it takes millions of years for the organic materials to be broken down and converted, it is wholly unrealistic to consider them as renewable. As the demand for fossil fuels increases and source diminish faster than they are replentished, the United States must work towards a renewable energy independent state using truly renable sources, both technically and in practice. With changes in the home, as consumers in buying goods and with alternative fuel sources backed by public trust and governmental involvement, the United States could drastically lessen its dependence on fossil fuels, foreign and domestic.
According to one government analysis, the crude from Canada’s oil sands will emit seventeen percent more greenhouse gas pollution than there processes used for conventional oil, making it even more controversial against environmentalists (Davenport par. 6). The concerns are reflected in great quantity of carbon in the tar sands, “Ensure that they will play an important role in whether or not climate change gets out of hand” (Clayton 2). In addition, the Environmental Protection Agency (E.P.A) noticed the impact it would have on greenhouse gas emissions. According to the E.P.A., “The recent drop in global oil prices might mean that contraction of the pipeline vault spur increased development of Canadian oil sands—and thus increase planet-warming greenhouse gas emissions” (Davenport par
In 1908, the U.S. Geological Survey (USGS) predicted that the total future supply of U.S. oil would not exceed 23 billion barrels. In 1914, the U.S. Bureau of Mines predicted that only 5.7 billion barrels of oil remained. In 1920, the USGS proclaimed the peak in U.S. oil production was almost reached. In 1939, the Department of Interior declared that there was only 13 years of oil production remaining. In 1977, President Jimmy Carter claimed, “We are now running out of oil.” Despite these predictions, the U.S. has produced over 200 billion barrels of oil since the early 1900’s. (The Futurist, 1997)
Like most authors that want to inform their audience about a specific topic, Kunstler educates us about the background story, within the first couple chapters, of how oil and fossil fuels became to be in the Industrial Age. He states that our society have basically reached a global peak, meaning that “we have extracted half of all the oil that has ever existed in the world – the half that was the easiest to get, the half that was most economically obtained, the half that was the highest quality and cheapest to refine” (p.24). The other half of the oil that has not been extracted lies under the most impossible places, such as the Arctic or deep under the ocean.
Scarlett, M. (1977). Consequences of offshore oil and gas-Norway,Scotland, and Newfoundland. St. John's: Memorial University of Newfoundland.
People need oil for daily life and work. Since World War II, oil has caused many serious problems in the United States and throughout the world. Remarkably, economic and social problems were heightened by the emerging energy crisis. By 1974, the United States gained a third of its oil by importing from the Middle East. James Oakes, et al.
Besides the accidental spillage affecting severe damage to the environment and then causing harm to humans, there are direct impacts on human health from oil. Problems suc...
The United States has had several scares throughout its history in terms of oil, most turn out to be over exaggerations of a small event. However, these scares highlight a massive issue with the U.S. and that issue is the U.S.’s dependence on foreign oil. Why does it matter that our oil should come from over seas? In a healthy economy this probably wouldn’t be as relevant, but the U.S.’s economy is not exactly healthy at the moment. There are 4 things that I would like to address: what the problem is, how it affects us, what some solutions are, and what solutions I feel are best.
In 1970 oil reserves became more scarce, leading to a decrease in production, while consumption continued to grow rapidly (Wright, R. T., & Boorse, D. F. 2011). In order to fill the gap between rising demand and falling supply of oil, the United States became more and more dependent on imported oil, primarily from Arab countries in the Middle East. (Wright, R. T., & Boorse, D. F. 2011). As the U.S and many other countries became highly industrialized nations, they became even more dependent on oil imports. With demand being higher than the actual amount of supply, prices kept rising reaching a peak of $140 a barrel in 2008. (Wright, R. T., & Boorse, D. F. 2011).
" Oil is the life blood of our modern industrial society. It fuels the machines and lubricates the wheels of the world’s production. But when that vital resource is out of control, it can destroy marine life and devastate the environment and economy of an entire region…. The plain facts are that the technology of oil-- its extraction, its transport, its refinery and use-- has outpaced laws to control that technology and prevent oil from polluting the environment…" (Max, 1969). Oil in its many forms has become one of the necessities of modern industrial life. Under control, and serving its intended purpose, oil is efficient, versatile, and productive. On the other hand, when oil becomes out of control, it can be one of the most devastating substances in the environment. When spilled in water, it spreads for miles around leaving a black memory behind (Stanley, 1969).
Since fuel is regarded as a necessity, the increase of fuel prices would have a certain impact on the Australian economy. This will have an effect on a variety of economic aspects which include; demand and supply, elasticity, market equilibrium and disposable income. The goal of this analysis is to discuss the effect that the rise in petrol, holding all things constant (Ceteris Paribus), will have on the Australian economy.
Mast, Tom R. Over a Barrel: A Simple Guide to the Oil Shortage. Austin: Hayden, 2005. Print.
Oil is an essential resource in the whole world. People use oil in a variety of ways. The world has used oil for many years and it will still use it as a basic commodity. Oil use can be traced back to 1850s. However, when Edwin Drake produced commercially usable quantities of crude oil from a 69-foot well in Pennsylvania in 1859, he marked a new period that considered oil as a valuable commodity. Oil prices have been inconsistent since 1859. The discoveries of more wells considerably lowered oil prices and made some oil barons abandon the industry. However, oil prices have increased over time because of several factors.
Petroleum engineering is the development and exploitation of crude/oil and natural gas. The foundation was established during the 1890s in California. This career was developed to correlate oil- producing zones and water zones from well to prevent large amounts of water from entering oil- produced zones.
Levy, Eric M. "Oil Pollution in the World's Oceans." Springer 13.4 (1984): 226-35. Web. 16 Apr. 2014.