Final answer:
New technologies have increased oil consumption and extended the useable timescale of oil, but higher consumption has environmental impacts and contributes to climate change. Oil dependency presents economic risks, particularly as global reserves decline, prompting the need for sustainable energy alternatives to address these challenges.
Step-by-step explanation:
While new technologies for extracting oil have been implemented, we have also increased oil consumption. The advancements in oil extraction technologies, such as fracking and processing tar sands, have allowed us to access greater amounts of oil, extending the timescale over which oil can be used.
However, these technologies come with environmental costs, leading to greater greenhouse gas emissions and putting pressure on the human carrying capacity of the Earth due to climate change and pollution.
Oil production has had a profound impact on society, providing the energy needed for food production and modern transportation, thereby increasing the standard of living for many. The United States, for example, has become increasingly dependent on foreign oil imports since domestic production peaked in 1970, signifying the vulnerability of economies that rely heavily on fossil fuels.
This reliance on fossil fuels contributes to global environmental challenges. As supplies diminish, petrochemical prices are expected to rise, which could negatively impact industrial production, food supplies, and result in increased pollution from oil extraction processes. Notably, the discovery of conventional oil peaked over 50 years ago, indicating that without a new form of cheap energy, the consumption of oil will eventually have to decline. Therefore, there is a call to shift towards more sustainable energy technologies to prevent a conservation disaster brought on by rapid climate change.