It’s undeniable when we consider the rising oil demands and the increasing prices. Two of the major oil consumers in the world are China and the United States of America. However, Saudi Arabia produces an average of 10 million barrels per day.
It’s no doubt economies will be in crisis if the oil supply is ever so slightly interrupted for a few days. It’s in such high demand as we rely on the production of oil to supply vehicles with fuel. However, it is difficult to control the effects of oils on the environment and human population.
Worldwide Oil Reserves
There are ten major oil reserves throughout the world. The countries are Venezuela, Saudi Arabia, United Arab Emirates, Canada, Iran, Iraq, Kuwait, Russia, Libya, and Nigeria. Interestingly, Saudi Arabia is the largest producer and exporter of oil.
The Alternatives Quest
Countries are trying to find ways of using alternative resources instead of oil. This is simply because the oil is running out faster than we think. BP reported in 2014 that the current supply of oil worldwide will only last for an average of 53 years.
One alternative to the problem is the use of hydrogen fuel cells. Hydrogen fueled batteries which can be used to power most household things as well as cars. Hydrogen can be made from coal, natural gas, and even nuclear power!7
Possible Future Oil Alternative
Reports have indicated it will take one or two decades before any oil alternatives will have a significant positive effect on our economy. If we are successful in our quest for alternatives, levels of air pollution will decrease, if not disappear. On the plus side, wars over energy will cease too.
However, a slightly more costly alternative to produce, we should still consider bio-ethanol. It is made using biotechnology with plants such as sugar cane, potatoes, barley, and wheat. Bio-ethanol is a mixture of fuel and ethanol. The ethanol is considered as a renewable energy resource.
What do you think will happen if the world runs out of oil? Hopefully, we find cost-effective oil alternatives. It will save us and our planet!