Nowadays, many authorities are wondering whether the world supplies of oil might be ever over. With the intense development of economy and politics, oil has become one of the most important issues of discussion over the last hundred years. The world supplies of oil have been reduced rapidly because of the different reasons, such as modern globalization of the world economy, climate change, and overpopulation (Roberts, 2004). The governments are worrying about the consequences, since if oil production shortened, supplies would grow scarce and prices rise. The answers and decisions should be found as quickly as possible. Oil has been dominating the global economy for centuries and its history is connected with the world history.
The end of oil deals with the limited quantity of oil on the earth. For centuries, oil has been the main source of energy. During history, people have been using oil without any limitations considering that the earth is capable of renewing its natural resources. This opinion has been drastically changed lately, and people are worrying about the oil supplies. The rapid growth of industry in the twentieth century led to the alarm of the world economists regarding today’s situation of oil reservoirs. The research asserts that replacement of oil is not easy to find (Roberts, 2004). Although, coal and gas are the alternatives of oil, they cannot be used as widely as oil. It is estimated that twenty four percent of energy comes from natural gas and twenty six percent — from coal. Though natural gas would soon surpass coal, it is very hard to transport. Coal is extremely dirty and makes a great amount of pollution. People try to surpass it for more convenient sources of heating, i.e. oil. For centuries, the civilizations were searching for the new ways of the transformation of energy (Goodstein, 2005). Thus, the wide use of coal in England led to the Industrial Revolution. Advanced technologies that were rapidly developed in the 20th century, have made oil the most powerful and popular source of energy in the world.
The research asserts that the global modern industry’s success depends on the amount of oil. Thus, it can be considered as the currency of political and economic power, as well as the evidence of the wealth of a country. Many experts are worrying if the mankind can use and distribute oil appropriately in order to save it for the future generations. The need to satisfy humans’ demand of oil grows annually. Thus, the report acknowledges that today’s demand for oil is about 80 million barrels a day, and this figure can be risen up to 140 barrels. It is a well-known fact that natural resources are not unlimited, and oil is not an exception. Many analysts make predictions that oil will run out, but the only question is when it will happen (Kaufman, 2008). The opponents of this point of view are debating that oil reserves are growing over the time and there is no reason to panic. They consider that there are a lot of unknown fields of oil in the world, which may be found. Scientists agree that the most daunting task of the mankind today is to think over what impacts oil would bring in future.
Politicians, economists, and energy executives acknowledge that no matter what the world’s amount of oil is, it is important to provide a new sustainable energy economy based on calculation, cautiousness, and saving. Many experts are sure that it is much cheaper to save oil and energy than to produce more. It is worth mentioning that Saudi Arabia and Russia have the biggest oil reserves in the world (Goodstein, 2005). China and India with their enormous population and growing economy will become the biggest oil consumers in the twenty first century. Countries that do not have their own oil supplies, like Germany, for example, have adopted their domestic energy-efficient policies and provided low-energy way of life. The research asserts that Americans are the most profligate users of oil in the world because of its leading role in the world’s economy. The U.S. government seems to have no choice but getting oil by various means: economic, political, and even military ones. It is worth noting, therefore, that the USA is the main force of creating the new energy economy.
In conclusion, it is hard to predict that the end of oil is inevitable. The world supplies of oil have been reduced rapidly because of the different reasons, such as modern globalization of the world economy, climate change, and overpopulation (Roberts, 2004). World governments are worrying about the consequences in case oil production is shortened, supplies grow scarce, and prices rise. On the other hand, many experts consider that oil resources can be renewed while new reserves of oil are growing, thus there is no reason for panic.