A World Without Cheap Oil

Paper Summary:

This paper discusses the world's increasing reliance on oil even while the supply of oil is diminishing. The paper discusses the many ways that nations depend on oil and how closely tied world economies are to the production of oil. In particular, the paper focuses on the U.S. reliance and consumption of oil and how the country will be affected by an oil shortage crisis, claiming that the effects would be severe but that the U.S. would, nevertheless, overcome the crisis and adapt as necessary.

From the Paper:

"We are a part of a generation that is about to witness the next great world crisis. This crisis will be an energy resource crisis. Today, oil companies are pumping more oil than they are replacing. With the majority of the worlds large oil deposits believed to be discovered the peak of growth within the oil industry has apparently been reached. This slowing of oil production is coming at the same time as population and dependency of oil are growing. Similar to the 1970's oil crisis, this unbalanced supply and demand will cause the price of oil to skyrocket. Unlike the 1970's temporary lag in oil production, the upcoming lag threatens to become a steady and constant downturn in production. This shortage will have drastic consequences on the everyday lives of nearly every person on the planet. The effects of the impending and seemingly imminent oil crisis will be broad."

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