The Importance Of Peak Oil

Oil is a fossil fuel used in everyday lives, yet this abundant resource is not infinite so requires new pockets to be continually found. Worldwide concerns have sparked many controversies over whether oil has been reached its maximum extraction known as ‘peak oil’. There is also a worldwide concern towards on what will happen when in Marion King Hubbert graph reaches the declining period. In the social aspect it could lead to even more political instability between countries and cause conflicts between countries over supply of oil. It can also lead to many more environmental impacts, such as land being sourced for fuel where it shouldn’t be causing permanent damage to the land. Alternatives are being sourced for oil because of the dependency …show more content…
There is a worldwide concern about how when oil reservoirs will be finished. The consequence of reaching peak oil at a worldwide scale effects the population economically, socially and environmentally. The economy is growing exponentially in conjunction with the population. If the population grows and the economy does not, this leads to recessions and price inflation. Oil has kept the economy growing with billions of barrels increasing output every consecutive year. If oil production decreased and population continuing to grow exponentially, then industrialised countries may not be able to offer the high standard of living which then can lead to conflicts and civil wars (Georgian oil, 2014). Political instability is most predominant in the Middle East areas. This is due to illegal groups like Islamic state of Iraq and Syria (ISIS). They have currently taken capture of a large oil field in Syria and then sell the oil in the black market to fund for the weapons (Knipp, 2014). If oil becomes scarce then more illegal groups will take control and cause many conflict between countries. This will continue to cause more problems when the Middle East peaks, because this will then become the main source of income for illegal militant groups. When Peak oil has reached worldwide areas like the Middle East, they will become targets because of their enormous oil reserves. There is evidence of this occurring before how the United States Of America bombed Afghanistan in response to Septembers 9/11 attack. Many speculate that Afghanistan was sitting on a significant oil and gas reserve of the Caspian sea (Heinberg, 2003). In the near future, peak oil could influence more conflicts with countries that have an industrialised society, which is dominated by oil. The environment is often compromised to facilitate for the extraction of oil. Peak oil could