Question

From now to 2020, world oil consumption will rise by about 60%. Although crude oil, or petroleum, is a natural resource, it is nonrenewable and must undergo an expensive refining process before people can use it to power their cars. Respond to this statement by describing two potential effects of such a rise in oil consumption. Also, indicate whether or not you are confident that there will be ample alternative fuels to use if we drain the oil supply.

Answer 1

Crude oil is non metallic

Answer 2

As oil runs out, the price of gas will rise, discouraging people from using it. For example, gas prices hit $5 in the summer of 2008, people responded by driving less

If price rise will become permanent, people will start switching to alternatives: fuel-efficient or electric cars, public transportation, working closer to home.

We have alternative sources of energy: hydro, nuclear, wind, solar. We do not use them much b/c they are more expensive than oil & gas, or b/c they have their own environmental issues. Once oil prices increase, the alternatives will become more viable in comparison.

We will have ample time to build new energy plants. Oil reserves and production quantities are publicly available (value of oil companies depends on them), so we will know when oil is about to run out.