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Shortage In The Outpout of Oil Production Begins
World Oil Production by Type in the New Policies Scenario
“By 2012, surplus oil production capacity could entirely disappear, and as early as 2015, the shortfall in output could reach nearly 10 million barrels per day."- US Joint Forces Command, February 2010 In response to the US Joint Forces Command's findings, the IEA (International Energy Agency) has stated that depleting conventional oil should be replaced by “fields yet to be discovered” as seen in the graph linked. -
'War on Totality'
The major depletion in oil sources and the scarcity of the resource may lead to a deadly war invovling major oil producing and consuming countries such as the USA, Saudi Arabia and leading countries in Europe. This may be known as 'World War 3;. Due to many of the oil resources being located in Saudi Arabia and the previous tension between them and the USA, a war may brew up involving allies of the USA and Saudi Arabia. This should follow the shortage of oil in 2015. -
Advanced Oil Extracting Equipment Invented
“All the easy oil and gas in the world has pretty much been found. Now comes the harder work in finding and producing oil from more challenging environments and work areas." - William J. Cummings, Exxon-Mobil company spokesman, December 2005 New equipment is bound to be built and developed to extract oil in deeper parts of the earth. More equipment used to dig and collect the oil are in orded. Many spokesmen from succesful oil industries claim that they are currently working on advanced tech. -
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Economic Crises
<a href=http://en.wikipedia.org/wiki/File:World_Energy_consumption.png' >World Energy Consumption </a>" As evident in history, the price of oil has led to several economic recessions especially in 1973 and 1979. Additionally countries in the European Union have experienced severe deficits in their economy. European countries along with countries around the world are expected to have high prices on oil and possibly high taxes on fuel due to the scarcity of oil in the future. This leads to crises -
Alternative Transportation in Full Force
“Due to over 90% of transportation in the U.S. relying on oil, peak oil would leave many Americans unable to afford petroleum based fuel for their cars, and force them to use bicycles of electric vehicles.” - James Howard Kunstler The shortage in oil would lead to an alternative to types of transport not only in the U.S. but also around the world. More people will migrate to higher-density cities to walk or take the train to places. Additionally there will be more urbanization in the future. -
600,000 Jobs Formed in The Oil Industry
The United states is the world's number three oil produced at 7.5 million barrels a day. In June Exxon-Mobil announced discovery of a massive new field in the Gulf of Mexico , with as many as 700 million barrels waiting to be tapped. In addition, Alaska’s Arctic National Wildlife Reserve’s fields and National Petroleum Reserve could easily add another thirty billion barrels to add to a new American gusher according to a fox news article. There are many oil sources waiting to be tapped.
