The essay question focuses on not whether ‘peak oil’ is true or not, but whether there is enough evidence suggesting that world oil production has already peaked. This requires a study of the world oil production and its graph from the past till the present and an insight into the predicted graphs. The International Energy Agency (IEA) officially acknowledged that we reached the peak of oil production 8 years ago in the year 2006. However, soon after they went on to say that the peak only referred to the conventional oil and unconventional sources of oil like the Oil shale, Shale gas , tar sands etc would still be available to us for oil production. One quick look over the world oil production figures from the past will show an increase in oil production but it takes into account conventional and unconventional oil production. However, many recent studies display wide alternatives to oil production and discard ‘peak oil’ as a myth. Optimists say that we are underestimating the amount and capacity of our oil reserves and technology would quickly advance to discover new oil fields for the cheap production of conventional oil. The International Energy Agency has announced after research that the supply of oil is not growing in accordance to the growing world demand. This suggests that supply constraints is a already a problem.
It is a commonly known fact that we will eventually run out of oil. Therefore, the debate is not whether the tipping point will occur, but whether or not we are already there. If ‘peak oil’ occurs soon, the prices could rise drastically and the world economy will be affected in more than one way. Oil being the lifeblood of our economy, ‘peak oil’ would affect every aspect of our lives. Oil, is not only a part...
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• "." Has the World Already Passed “Peak Oil”?. N.p., n.d. Web. 14 Apr.2014..
• "Other FAQs." IEA. N.p., n.d. Web. 17 Apr. 2014. .
JOURNALS:
• Sorell, Steve, Jamie Speirs, Roger Bentley, Richard Miller, and Adam Brandt. "." Global Oil Depletion, An assessment of the evidence for a near-term peak in global oil production. 2009 (): n. pag. Web. Retrieved from: www.ukerc.ac.uk/support/tiki-download_file.php?fileId=283. Accessed on 19 April 2014
• International Energy Agency. 2010.World Energy Outlook. Retrieved from: http://www.worldenergyoutlook.org/media/weo2010.pdf. Accessed on 21 April 2014
• Bridge, Gravin . "." Past Peak Oil:political economy of energy crisis (): n. pag. Print.
America is dependent on other nations for their ability to create energy. The United States is the world’s largest consumer of oil at 18.49 million barrels of oil per day. And it will continue to be that way for the foreseeable future considering the next largest customer of oil only consumes about 60% of what the U.S. does. This makes the U.S. vulnerable to any instability that may arise in the energy industry. In 2011, the world’s top three oil companies were Saudi Aramco (12%), National Iranian Oil Company (5%), and China National Petroleum Corp (4%). The risk associated with these countries being the top oil producers is twofold. One, they are located half way around the world making it an expensive to transport the product logistically to a desired destination. And two, the U.S. has weak, if not contentious,...
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)
Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
In 2004, crude oil producers around the world expected a 1.5% growth in the world’s demand for crude oil. The actual growth rate was more than double the projections at 3.3%. This growth was due to rapidly industrializing of foreign countries such as, China and India. Therefore the lack of crude oil affected the supply of gasoline to consumers at the pump.
In ancient times Babylonians used oil as mortar, Native Americans used oil as a topical medicine, and, before electricity, oil was used to create light. Mankind has been dependant on oil as a resource for generations. It has influenced growth, warfare, and technological advancement, but what if mankind were to run out (Alois)? The possibility of this eventuality was first vocalized by M. King Hubbert who introduced the notion of “peak oil.” When global oil production “peaks” it reaches its greatest output level and then permanently declines (Hubbert). There is much debate as to whether this “peak” exists, has already been passed, or will be passed in the near future. Despite the debate there is one undeniable fact; there is a finite amount of oil since it is a non renewable resource. Considering a sudden systemic collapse of all oil production seems unlikely, oil will probably be replaced gradually. This loss of oil could be positive; possibly less CO2 would enter the atmosphere and global warming may be stalled. However, the success of this transition away from fossil fuels will be largely dependant on the ability of developed nations to manage their time. If the US, or any other nation, is going to be successful, they need to start now.
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.
Shafer, Leah R. "Address on the Energy Crisis (15 July 1979)." Dictionary of American History. Ed. Stanley I. Kutler. 3rd ed. Vol. 9. New York: Charles Scribner's Sons, 2003. 492-94. U.S. History in Context. Web. 18 Apr. 2014.
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).
Mast, Tom R. Over a Barrel: A Simple Guide to the Oil Shortage. Austin: Hayden, 2005. Print.
A. Scientists predict that in the next several decades the world will run out of oil. According to the article How Fast is the World Running out of Crude Oil by Umut Newbury accessed from the EBSCO Host database states that
Hem/Onc Today 25 Oct 2009: 2. Academic Search Complete. EBSCO. Web. The Web. The Web.
...g the Energy Revolution." Foreign Affairs. Nov/Dec 2010: 111. SIRS Issues Researcher. Web. 21 Nov 2011.