Oil Shortages And Its Effects

1464 WordsDec 2, 20166 Pages
Oil Shortages and its Effects Oil is considered as one of the most important chemical substances on earth that have greatly affected our lives. For the past years, countries have been using oil extensively since it has a lot of benefits and many uses. Oil has been used a lot in the past years, whether people were using it for personal uses such as for their cars or transportation companies using it for the sake of their vehicles. There are two types of oil conventional oil and synthetic oil, each type has its different uses. Conventional oil is a mixture of mainly pentanes and heavier hydrocarbons that are extracted from an underground reservoir and liquid at atmospheric pressure and temperature, this allows the oil to flow through a pipeline without processing. Conventional oil can be used for many things, but one of the most important uses is for a vehicle. Synthetic oil is a lubricant made up from chemical compounds which are artificial. Synthetic oil is also used for vehicles. For the past years countries have been using conventional oil extensively and soon the world will have supply shortages of oil which will have many negative effects on our lives. Some of the effects include increased debt defaults, rising interest rates, rising unemployment, disruption of exporting oil, more recession to happen, and drop in market value of bonds. Conventional oil has been used a lot in the past decades and for many reasons, unfortunately the world is running out of conventional
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