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End of Oil - Essay Example
Author : mjacobs
Engineering and Construction
Pages 3 (753 words)
End of Oil Introduction It took more than 100 million years for crude oil to form under the earth and it is astonishing that half of the stock has finished in just 100 years or so. With the world consuming more than 90 million barrels a day, it cannot last more than a few decades…
It can be said that the real intensive search for oil began thereafter. Corsicana came to be known as next major oil field in the state of Texas. By 1901, it became one of the largest oil producing fields in the country outside Pennsylvania. During 1922-23, the state of California came to be known as the top oil producing state in the US. The Southern California region comprised of Signal Hill, Huntington Beach, and Santa Fe was the most prominent oil producing region at that time meeting one-fourth of the world demand. The major oil discoveries in the first 50 years came from the US (History of Oil, 2011). New Discoveries vs. Production-consumption Scenario Campbell (2011) argues that global oil discovery peaked in the 1960s. Since 1981 the world has been using more oil than it finds. The gap is ever increasing between discovery and its production. It is a fact that stock of this natural commodity is now on decline. It is quite likely that by the end of this century petroleum stocks would have almost exhausted from this earth and with that perhaps the era of economic development based on oil also. Source: http://www.oilcrisis.com/campbell/ Alternative Energy Sources vs. ...