http://www.canada.com/topics/news/story.html?id=67771e46-d27c-4872-9224-efda9e086dfe
Summary:
This article mainly states that our demands for oil are far too high compared to the amount we can actually produce. Since, the supply is low, then the demand for it will be high because people are eager to get it. Evidently, the oil gas has increased dramatically over the pass five years. Moreover, outlooks suggest that our oil prices will continue to grow steadily over the next half a decade. Research show that the amount of oil we demand is in the near thirty billion gallons, while the production rate is only at eight billion. This show that our usage rate of oil isn't steady due to the fact that we are suddenly consuming more. In addition, reviews show that oil production will hardly grow anymore and that if we continue to consume million barrels a day, we might just enter the "Age of Scarcity."
Connections:
The connection between this article and Chapter 1 revolves around the word scarcity. The term scarcity means insufficient amount or shortage of supply to a demand. Because, nowadays, vehicles are the main way of transportation, and industrialization needs fuel, so oil usage will be high. Unfortunately, oil is a limited resource, and so if we continue to consume as much as millions of barrels a day, the world might one day run out of this supply. This wouldn't be a problem if oil can regenerate itself, or the cost for extraction wouldn't be as expensive but according to this article, the production of oil will hardly grow anymore. This means that once it's gone, it's gone.
Reflections:
The "Age of Scarcity" does not sound too appealing. I think the only way we can move away from this is to stop or slow down our consumption rate. Using almost four times the amount of oil that we can produce is way out of hand. I think the best way to steady our oil usage, is to not use it for awhile. Instead, we should come up with an alternative source beyond hybrids or solar energy. Personally, I believe that instead of putting money into war, people should develop better alternative energy. If no technological breakthroughs come along, then in the near future, the Age of Scarcity sure will.
1 comment:
It’s pretty shocking to realize that we demand about thirty billion gallons of oil, yet the production rate is only eight billion. This just shows that today, oil is very scarce. I agree that the amount of money and taxes collected by the Americans should be put to use in other ways to find possible solutions to fix this oil resource problem instead of investing it on war. It would be a major issue one day if oil resources run out, because the main transportation is vehicles, which consume large qualities of oil. In addition, the price of oil today is expensive. I would not be surprise in the future if there were different ways of transportation.
K. Lau
Block F
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