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End Of Oil - Essay Example

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Alternative Energy Sources vs. Oil as Energy
Alternative sources of energy including renewable ones cannot replace fossil fuels as currently 86 percent of world's energy needs are met with only fossil fuels. Moors (2012) argues that the cost of producing energy from alternative sources such as solar, the wind, hydro and nuclear is many times higher than it costs to produce energy from fossil fuels and that is the major stumbling block in harnessing the alternative sources of energy. This may only happen when the oil prices go up due to oil shortages likely to be created in next few decades. Though energy cost from solar cells has reduced substantially in last two decades but still the cost economics is not lucrative enough that can replace oil as the energy source in large scale. Wind energy has its own limitation to be available mostly on shore and cannot meet huge energy requirement in the hinterland to replace oil. Nuclear energy is not favored for its waste management issues and potent future hazards for mankind. Major consumption of oil is in running the automobile sector and no economically viable technology is readily available that can replace the oil in this sector; moreover, it is highly unlikely that a radically different yet technically and economically most suitable technology is developed in near future or at least in next two decades that can replace oil completely and that is the biggest dilemma before mankind (Peak Oil, 2005).
Likely Consequences to Mankind....
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may only happen when the oil prices go up due to oil shortages likely to be created in next few decades. Though energy cost from solar cells has reduced substantially in last two decades but still the cost economics is not lucrative enough that can replace oil as energy source in large scale. Wind energy has its own limitation to be available mostly on shore and cannot meet huge energy requirement in the hinterland to replace oil. Nuclear energy is not favored for its waste management issues and potent future hazards for mankind. Major consumption of oil is in running the automobile sector and no economically viable technology is readily available that can replace the oil in this sector; moreover, it is highly unlikely that a radically different yet technically and economically most suitable technology is developed in near future or at least in next two decades that can replace oil completely and that is the biggest dilemma before mankind (Peak Oil, 2005). Likely Consequences to Mankind When the oil is on its way to depletion in the next few decades, it will be interesting to explore the likely consequences for humans in the coming years. While the oil production has already reached its peak, and the consumption of the oil rising at rapid rate, it will certainly have huge economic impact in the coming years. Rising world population will further aggravate the situation. Food production depends upon the energy availability and that will suffer hugely and the scarcity would push the food prices up. It is a fact that oil scarcity may put the world transportation and commuting needs in jeopardy as nothing can replace oil to drive transportation sector across all parts of the world. This will hugely impact the economic development across all sectors. Conclusion Oil
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Summary

It took more than 100 million years for crude oil to form under the earth. The world consumes more than 90 million barrels a day. The paper "End Of Oil" explores the likely scenario due to oil shortage and its impact on the economy and future development in the coming years…
End Of Oil
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