Peak oil Essay Example
Peak oil 5
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Peak oil is the peak in the production of global oil. This occurs when the global extraction of petroleum reaches a maximum rate, thereafter it the production rate get into a terminal decline.
• There will be a collapse of the financial system. Sustaining the system of finance requires growth to enable paying back loans with interest. With peak oil in place, there will be no growth. Economic decline may as a result replace economic growth. It is doubtful that our financial system will be in position to handle this.
• There will be a collapse of foreign trade. Many factors are likely to emerge: transportation cost will go up. Travelling by air may be a thing of the past. Poorer countries are likely to produce fewer good, due to power outages as a result of high oil prices. Monetary transactions will be rendered difficult due to rapid inflation/deflation.
• . Change in climate can happen in a short period of time like a decade or two. Precipitation and temperature changes may lead to failures in crop, and may render some areas not good for farming.Rapid climate change
oney will not be as previous resulting from either deflation or rampant inflation. Most investments, including those I considered safe previously, could lose value. Things I have always taken for granted like restaurants that serve fast food, dry cleaners and bottled water may be no more. Since electricity is powered from generators that use oil, it may become unreliable, frequented with outages. Travelling by air is likely to be too costly for me.High oil price will result from oil peak thereby the economy will be sent into recession. The value of m
Since most of the non OPEC industrialized countries have reached oil peak production, world demand has outpaced production. With no known matches for substitute, many economies and industries will be devastated. Strategies and technologies to be employed will rely on options that that call for renewable energy like wind, hydrology, solar, geothermal, tidal movements, geo-exchange and municipal wastes which are sustainable, available and options that are secure.
The business sector will be affected in two major ways: by how the availability or cost oil impacts the service or product they provide, and by how the product’s demand or is affected among their groups of customers. Non essential economic activities, and those in which oil is a critical resource which cannot be reduced or substituted easily, are likely to be impacted negatively. People with little discretionary income will have little demand for various services and products.
Energy options that meet issues of sustainability, affordability, availability and security which petroleum does not satisfy. The following sources of non-oil energy should be encouraged by world governments.
Electricity: the governments should not overtax domestic electrical grids. Appropriate investments should be put in place deregulation and regulation issues are settled.
Coal, which is under utilized, should be subjected to polygeneration techniques accompanied with carbon sequestration so that coal reserves are used in a friendly environmental way to meet both electricity and liquid fuel requirements.
Nuclear power can be achieved by coming up with a breeder reactor program hence closing fuel cycle as this could give a valid energy independence, though it may lead to increased security and environmental risks. This is a solution that is viable from both ecological and political perspectives.
(i) Get a bicycle: it is one of the ways to save money especially while on short trips. It also increases physical health.
oil prices will lead to food price also increasing. Many household has half of the food consumed thrown away. An individual with this lifestyle needs to change his habits. Avoid eating foods with a lot of calories that lead to overweight and other health ills.(iv) A rise in
For the individual with high temperatures indoor, energy can be saved by lowering the temperature inside. Turning off unnecessary lights and other electrical appliances and checking the electronics energy efficiency while purchasing. (iii) Increasing the insulation of a home for the individual living in a cold climate will save energy while keeping warm.
high fuel prices on individual personal situation. Ensuring the tiers has right air pressure in you tiers, minimizing high speeds while driving and car pooling with other people.(ii)Get a fuel efficient car. This will help reduce the impact of
. Passing possessions like footwear, tools and clothing to the next generation was common in the recent past. When buying a commodity investing in quality items which will last long is wise. Many of the things we use today are unnecessary(v)
. Princeton: Princeton University Press.’ p. 154Hubbert’s peak: The impending world oil shortageKenneth S. D. (2008). ‘
. Sydney: Westsong Publishing.’ P. 175Peak Oil Prep: Three Things You Can Do to Prepare for Peak Oil, Climate Change and Economic CollapseMick W. (2006). ‘
. Perth: Hill and Wang. P. 234Beyond Oil: The View from Hubbert’s PeakKenneth S. D. (2006).
. London: Chelsea Green Publishing. P. 90How communities can adapt to peak oil and climate changeDavid H. (2009).
. New York: DIANE Publishing. P. 72Crude Oil: Uncertainty about Future Oil Supply Makes it Important to Develop a strategy for discussing a peak and a decline in oil productionJim W. (2007).
. Melbourne: General Books LLC. P. 237Peak Oil: Haber Process, Hubbert Curve, the Limits to Growth, Strategic Petroleum Reserve, 2007-2008 World Food Price Crisis, Food Vs. FuelBooks L. (2010).
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