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Evaluate the transition from oil based world economy to an economy driven by alternative energy sources - Essay Example
Author : jherman
Engineering and Construction
Pages 10 (2510 words)
Name: Instructor: Course: Date: Evaluation of the Transition from Oil Based World Economy The source of energy is one of the biggest challenges facing the globe today. There has been a heavy dependency on oil in almost all sectors of economies the world over such as transport, manufacturing and household use among others…
Further, there have been adverse effects on the environment from using oil. In the last fifty years, industrialization across the world has led to increases in carbon emission, depletion of the ozone layer, melting of ice caps and a general decrease in the quality of life. Besides this, oil is a non-renewable resource. This means that its quantities on earth are limited and will at some point be depleted. This makes the use of oil as a source of energy unsustainable and unreliable. Herald (12) uses the phrase ‘Peak Oil’ to describe the time when the world will reach its peak oil production. This will subsequently lead to decline in oil production and the rise in oil prices, causing a significant, yet unpredictable impact. At the moment, some of these consequences are already being experienced in the world. The amount of oil being produced surpasses the amount of new oil supplies being discovered. This indicates that the peak oil stage is fast approaching. With these facts in mind, there is a greater need to shift the world economy to one that is dependent on renewable energy sources that can be replenished and which do not harm the environment. ...