The Changing Realities Of The Oil Industry

so much the size of the resource, but the rate of production of that resource and the reasons why that rate must eventually decline” (Micu 98). There is no timing of when or how peak oil will come; however, it is predicted it will begin by 2030 (Bosman).

With the knowledge of past production and the current trends of today’s production, oil and gas technological developments have made countless anticipations for the years to come. Since the beginning of the modern era of oil, technology has played a crucial role in supporting the efficient production of hydrocarbons. Recently, major operations have become at risk. The new projects have become more costly in the long run and more challenging. Since the beginning of time, the key to increasing reserves have been through research and development with countless breakthroughs as well as advances in exploration and production. This even lead to technological developments to change, in order to accommodate the changing realities of the oil industry.

Especially in the United States of America, the situation is dire. The country currently “consumes almost 25 percent of the world’s petroleum, its problems spill over into the global market” (Maugeri 5) with no new advancements known yet. One major problem is that oil is formed too slowly to be replaced at which it is being drawn causing “the point at which output can no longer increase and production begins to level off or gradually decline” (Graefe 1). Since 1999, the oil industry’s production have declined slightly causing an uproar to enhance the oil recovery process and help the change (Graefe 1). People should come to full understanding what is going on out there. Not only is it affecting their cars, their heating, or their generator...

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...cades of exploitation, new technology, and techniques” (Jansen 44) and that there is nothing we can do to stop this ever-changing domino effect.

Without new advancements in technology, we would not be drilling for oil, establishing new platforms, or finding new ways to extract it simply because there are no materials available with such a promise. Even with new breakthroughs, we hope for the best. Without such a precious source, our world will diminish and “the evidence [is] now overwhelming” (Morse 1). At the end of the day, we need to realize that our fossil fuels are running out and it is time to change our lifestyle. Not only is it affecting scientists or industries, but the young and old. We can conserve what we have, in order for our future generations to live as affluently as us, so at the end they do not have to live in a world without finite fossil fuels.