Oil Crises
This post is a summary based on the article Crude Awakening . Oil is the most important item traded between countries today but its running out! In 1956 geophysicist M. King Hubbert introduced the concept of a crude oil production peak. He noticed that the flow from any oil field climbs to a peak and then declines just as fast. Paul Roberts, author of the new book: The End Of Oil says that the worlds oil production will peak in 2030. Do you know how much oil is in the ground? Probably not but U.S. government scientists estimate about 2.6 trillion barrels.(each barrel is about 42 gallons). Now, that may seem like a lot to you but actually not all of it is there for us to take so we don’t get all of it. About 1.7 trillion barrels are “discovered”oil which is oil that geologists have found but haven’t pumped out of th ground yet. The remaining 900 billion barrels are called “undiscovered” oil because this oil is theoretically found in certain rock formations called marlstone or oil shale. The only way to get the oil out of these stones is by heating them up to 900 degrees Fahrenheit (480 degrees Celsius) in a kiln. Today oil provides 40% of the worlds energy. Who needs oil when you have the MiniCAT, this cool car was made in Luxembourg, but the real cool thing is that it runs on compressed air instead of gas!
