http://www.enviroliteracy.org/article.php/1300.html
Summary:
The article I read is about the future supply of oil should be determined as scarcity or not, even though oil has been indicated to be scarcity from a long time ago, but still remaining the same amount or even more productions. To determine when oil supplies will become scarce, economists think that they needed to know how many oil is there, but the total amount of oil resources is subject to uncertainty. Also, economists think as oil levels decline, pressure that would otherwise naturally force oil out of a well declines. On the other hand, economists argue that long before the physical supply of conventional oil is exhausted, an increase in prices will spur innovation and development of substitutes for oil. When the cost of oil is low, there are few efforts to develop alternative energy technologies or to increase exploration for new sources.
Connections:
This article is connected with scarcity that we have talked about in chapter one. Oil has been involved in our everyday life and it seems to be a thing that we can’t live without. Oil is not only needed to have the cars operating, it is also needed by factories to run their machines. We have high demand on the oil, , but it has limited resource which implies us that oil is becoming or already became a scarce and now the scientists are trying to invent or find something to replace oil in our lives. In addition, according to the high demand and the limited supply of oil, the price of oil will probably increase continuously.
Reflections:
As some of the people thought and said, oil is irreplaceable since the resource of oil in a country is directly related to the economics of the country. If the one's oil is considered as not enough for the whole country or running out, the country's economy will probably not as good as when the oil was abundant. Nevertheless, some professionals said that we might be able to use some other products to replace oil but to invent or develop new products to replace oil needs a huge amount of money effort and takes time. Oil is an important product for countries, but doesn’t act such important role to me. Before reading this article, I have already planned not to get my license and neither car since the price of oil is too high which I don’t think it worth and after reading this article, it just ensures my decision.
1 comment:
Well, I am sure that we have a limited amount of oil in our planet. I believe that we don't have the same amount of oil as we did long times ago. I think what you mean by having the same amount is only calculate on what we have extracted, not we accurately have on earth. I understand economists need to control oil's price in order to spur innovation and development of substitutes for oil; however, I don't think oil's price should be as high as what we had in summer. It was ridiculous.
Jenny Zhang
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