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Will we have to face the consequences of 'peak oil' sooner rather than later?

  1. peterxdunn profile image58
    peterxdunnposted 6 years ago

    Will we have to face the consequences of 'peak oil' sooner rather than later?

    It has been reported that Saudi Arabian oil reserves may have been over-estimated by as mucn as 40%. This statistic has been given further credence by news released over the last couple of days that the kingdom is going to build 16 nuclear reactors before 2020. It seems Saudi Arabia is already planning for a post-oil/life-after-oil future. Where does this leave a 'free market', world economy, entirely predicated on growth? Without oil what would drive this growth? Furthermore, why do politicians keep promising a return to growth when the end of oil is already looming large on the horizon?

  2. Pam Pounds profile image79
    Pam Poundsposted 6 years ago

    There is no question that the United States is entirely too dependent on foreign oil.  My  opinion to your question is, yes, we will have to face those consequences sooner rather than later. 

    The United States has bowed to the more liberal opposition to drilling within the parameters of our boundaries. 

    i fear for what is coming....

  3. nightwork4 profile image61
    nightwork4posted 6 years ago

    i think that we will hear about low oil reserves to justify increasing the price of fuel but whether it is true or not is another story. in Cananda we have lots of oil but it is costing the enviroment dearly to make it usable.

  4. Hestia DeVoto profile image60
    Hestia DeVotoposted 6 years ago

    If people consciously started to take steps to use less oil, the transition would be less discomforting when it happens.  Also, those sorts of actions would help preserve the oil reserves for crucial needs.


  5. Rheagl profile image77
    Rheaglposted 6 years ago

    The US has over a hundred years of KNOWN oil reserves and it is surmised that that number would double if exploration was permitted and encouraged. Oil IS a finite resource and we must develop financially viable alternatives, but it is pure stupidity to be sitting on trillions of dollars of oil and NOT capitalizing on it while we can. 

    There WILL be a time that oil is less important and will become worthless.  Right now we could put hundreds of thousands of people to work within months and oil production would totally pay off our national debt.  Why the government is preventing it is sheer idiocy.