Global Markets, Financial Crisis and Resource Security
Article from: OGEL 4 (2009), in Roundup of Articles
Since the first oil well was struck in 1859, we have consumed 1.5 trillion barrels of oil equivalent. In the next 25 years, the world will need the same amount. The U.S. Department of Energy says we will reach "peak oil" by 2025. Some experts think oil supplies will fall even earlier. The concept of "peak oil" is one that is relative to prices. If prices rise high enough, even oil that cannot be reached and sold at prices now available in the market might come to market. Demand might also be lower at those prices, thus reducing supply. Virtually every product we buy, own or use ...