The Peak Oil Crisis - is it Real?
Many people are talking about the "Peak Oil" crisis, and many people wonder if the peak oil crisis is actually real.
What is Peak Oil
Because most scientists believe that oil is a non-renewable resource, it stands to reason that at some point the growth of oil supplies will no longer support the rising demand. This point, which marks the beginning of a crisis, is called "peak oil."
Is Peak Oil Real?
Considering the following facts, the concept of peak oil is believable.
- Oil use in the last 100 years has grown 80 to 100 times over.
- Today, oil accounts for 95% of fuel used for transportation worldwide.
- Oil byproducts are used in the creation of other products throughout the world.
- Industry within every country is based on oil as fuel.
- Demand for oil in the future is expected to continue growing at its present rate, at least.
Peak oil is a very controversial issue, and there are a large number of energy experts who claim that the "peak oil" issue is not a serious risk. They state that there are currently plenty of oil reserves available. The real question isn't so much whether peak oil will occur, but when it will occur. These experts claim that peak oil is still decades away. This analysis is base don the fact that there remains undiscovered oil under the earth's surface, oilfield technology is improving every year, and synthetic oils are replacing crude oil in a number of applications. Additionally, other technologies will help to reduce worldwide demand for oil.
What Can I Do About It?
History shows that even though after price spikes in the past, over the long term, demand continues to grow. While we can all do our part by trying to reduce our individual oil consumption, change on a much larger social scale is necessary if the peak oil crisis is going to be averted. The only solution to avoid this worldwide crisis is for a worldwide change from a focus on oil for energy to more renewable and clean resources. Solar, wind, water, atomic, and other energy sources also have the potential for technological advances that could provide as much energy as oil in the future. However worldwide, governments need to be willing to invest the necessary investment capital into energy research. Ending worldwide dependence on nonrenewable oil as an energy source the single most important issue of our time.
Visit CostOfOil.net for more information and resources about the current price of crude oil.
Related Tags: peak oil, crude oil, oil prices, heating oil
Ryan Dube has been freelance writing for over 10 years for publishers both online and offline and has covered topics including the paranormal, finance, relationships, and more. Learn more at Invisible Inc.
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