End Of Conventional Oil As A Fuel Source

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End of Conventional Oil In our recent history, oil has been the driver of the global economy. The advance of modern industrial civilizations was facilitated by cheap and abundant energy in form of fossil fuels. At present, oil accounts for about 40% of the primary energy source and natural gas contributes 23%. This statistic shows how much the world is dependent on oil. The dependence on oil is majorly in the industrial, transportation, and agricultural sectors. The use of oil as a fuel source is seen to have increased by around 50% over the last century. The energy needs have been observed in the daily activities of industry, private life, and commerce. The supply of economical oil in the world is limited. Most of the easily…show more content…
Approximately5-6 million people are employed by the global O&G industry. A direct effect of the future oil crisis will be on the employment level globally. Rising unemployment will be a knock on effect of the collapse of this industry as many other support industries are dependent on this industry. Oil producing and exporting industries will take the major hit. All other countries of the world will also be hit hard due to our dependence on oil to run most of our industries. I expect the challenge of finding meaningful employment to be even greater for me in the engineering sector. Some of the engineers directly employed in the O & G industry include civil engineers, petroleum engineers, mechanical engineers, chemical engineers, industrial engineers, analysts and traders, and oil drillers. The combination of rising unemployment and rising cost of living will lead to increased recession and higher poverty levels. A crisis in the oil industry eventually leads recessionary effects. Recessionary effect in turn lead to a vicious cycle of poverty, starvation, and bankruptcy. Agricultural industries are highly dependent on the cheap energy provided by crude oil. Lower agricultural productivity due to effects of the oil crisis and higher energy costs will make food prices higher. The world may face more serious hunger and famine problems.We will observe effects of bankruptcy and poverty due to bad debts
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