The Effects Of Conventional Oil On The World Economy Essay

1499 Words Dec 1st, 2015 null Page
In under one-hundred years, society is steering itself back towards another great depression era. The underlying cause is the end of conventional oil, which will detrimentally effect the world economy. Conventional oil is a category which encompasses raw petroleum, natural gas and its condensates. These oils and gasses all assume a noteworthy part in forming the present society, as oil and gas are utilized for all heavy machinery, cars, plastics, to generate power and other equipment. With a sudden depletion or deficiency of a necessity society will collapse. The sources of the unconventional oil are tight deposits, oil shales, oil sands, and coal liquefaction. At current oil extraction rates, the peak oil extraction rate will be reached. Peak oil theory is the concept of extracting the most possible oil or more than fifty-percent of the world’s oil. From that point on the amount of oil available will continue diminishing. With the decrease in cheap and easily accessible oil society will suffer. This will impact engineering careers directly and instantaneously. Successively, mankind will be lead towards unemployment, poverty, bankruptcy, and starvation. It is predicated that the peak oil extraction point will be reached by 2020, which means only four full years of finding a feasible and sustainable solution. In addition, it is predicted that ten billion individuals will live on Earth by 2050, which is another problem society has to address. Both issues go as an inseparable…

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