Oil Is The Lifeblood Of The Modern World - 894 Words

When the Oil Runs Out Oil is the lifeblood of the modern world. Oil is a form of fossil fuel, which includes coal and natural gas. There are household items like clothing, ink, crayons, pillows, shoes, electrical tape, etc. We use oil for not only fuel, but also various types of plastics, synthetic materials, and chemical products (ConocoPhillips 2016). From the article written by Robert Lamb, it says, in 2009, oil wells around the world pumped 84 to 85 million barrels out of the Earth and countries consumed just as much. [Source EIA]. Can you think what could happen if we ran out of oil? In October of 2014, the International Business Times created an article stated that according to the Institute of Mechanical Engineers, there are 1.3 trillion barrels of proven oil that is reserved and is left in the world’s major fields, which at present rates of consumption should last only 40 years (Lambo 1998-2016). There are ways we can reduce our intake on oil by using less oil than we need. We can use alternative energy that is renewable like wind, water, solar, and other renewable energy technologies. It took nearly hundreds of millions of years to create the world oil reserves. In less than a century, before oil became the commodity on which the world is power turned. The article written by Robert Lamb, states that before the gradual downfall begins, we can reach a point known as peak oil. Imagine a carafe filled with coffee. Pour cup after cup without effort until the stream ofShow MoreRelatedOil Is The Lifeblood Of The Modern World878 Words   |  4 PagesOil is the lifeblood of the modern world. Oil is form of fossil fuel, which includes coal and natural gas. There are household items like clothing, ink, crayons, pillows, shoes, electrical tape, etc. We use oil for not only fuel, but also various types of plastics, synthetic materials, and chemical products (ConocoPhillips 2016). From the article written by Robert Lamb, it says, in 2009, oil wells around the world pumped 84 to 85 million barrel out of the Earth and countries consumed just as muchRead MoreThe Immortal Words Of Sheikh Zaki Yamani, A Saudi Oil Minister1564 Words   |  7 Pagesimmortal words of Sheikh Zaki Yamani, a Saudi oil minister, â€Å"the Stone Age did not end for the lack of stone but the oil age will surely end long before the world runs out of oil† (The end of the Oil Age). A strong prediction from 3 decades, coming from such a source can hardly be a case of wishful thinking. More elaborate description of this prediction was proposed by Shell geologist M. King Hubbert in 1956 through his Hubbert Curve (Lamb). He proposed that all oil wells follow a production bell curve withRead MoreThe Energy Crisis Of Oil Essay1320 Words   |  6 Pagesappetite is for oil, the blood of the earth. 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For thousands of years, civilizations were constructed using the labor of humans and animals. By the exertions of thousandsRead MoreWhat Are The Causes Of Gas Prices762 Words   |  4 Pagesoutlets. With the price of crude oil hovering around $100 a barrel, it is no wonder that concern is growing about the gas prices being so high. After all, modern economies are kept moving by this lifeblood. For instance, in the United States alone personal vehicles consume more than 140 billion gallons of diesel fuel and gasoline per year.However, there are several factors that contribute to the gas prices being so high. Given below are a few of them. Increasing Demand for Oil One of the main catalystsRead MoreOil Industry And Its Effects On The Economy1219 Words   |  5 PagesA-sources inform about the Nigerian and the suffering they are going through because of the oil production. â€Å"The rapid expansion of the oil sector has stymied the development of other parts of the economy.† (Hill 88) Nigerian people who survived on agriculture economy were affected the most because of the oil pollution. Extracting oil hurts the environment a lot by creating pollution in the soil and waters due to oil spills. Therefore, agriculture decreased and many people were left without harvest toRead MoreThe Great Depression and The Glob al Economy813 Words   |  3 Pagesin numerous combinations and their correlation is what makes the market fluctuate. The volatility of the global market becomes more apparent in times of recession when the correlation between variables like stocks, bonds, US dollar, Euro, gold and oil becomes more apparent. Therefore, it is of paramount importance that these correlated variables should be studied with a very keen eye. Since the link between currencies, commodities, stocks an bonds runs very deep, change in any one of them seems toRead MoreOil Is The Lifeblood Of The World1401 Words   |  6 PagesOil is the lifeblood of the world. Everything that is created by human hands can be related back to it in some way. In an age where there is a dwindling supply of oil it is becoming increasingly important to use every last bit of it to its full potential. After crude oil is removed from the ground it goes through a process called fractionation which separates the hydrocarbons found in oi l based on their size. When fractionation is completed the separated hydrocarbons can be manipulated to form moreRead MoreEffects Of The Oil Prices On The Economy1709 Words   |  7 Pages Evaluation of the effect of the oil prices on the economy. Introduction: From many decades oil is discovered and considered as the essential base in every part of people lives. It is the energy source and raw material that drives development. Oil is currently the most important commodity (EL-Sarif et. al. 2005). It is vital to transport (air, sea, road and rail) and also the production of goods for example, tar and plastic. With the demand for energy has risen relentlessly over the last 150Read MoreThe Root Of Beyond Petroleum1213 Words   |  5 Pagestheir Public Image. Drilling for oil is risky business and what makes it worthwhile is the payoff. To put it simply fossil fuels, oil and its distillates remain to be the lifeblood flowing through the veins of a highly industrialized and demanding modern industry. Transportation, Power Generation, Manufacturing, Motorsport, our very lives depend on oil. Arguments can be made that the most recent disasters to befall this oil giant could have happened to any other oil company however among the far reaching