What are the social, environmental and economic/political impacts of peak oil? And how will it affect us?.
Response.
Peak Oil.
Based on Marion King Hubbert's theory, is the point in time where the maximum rate of extraction of global oil is reached. After this point in time the rate of production is expected to decline or decrease. Peak oil is not when we run out of oil but rather the complete opposite, when we have the most oil we've ever had. In 1956 Hubbert first predicted that we would hit peak oil in around 1970; he was accurate based on active oil production back then. But, as more oil fields were discovered, his prediction ended up being wrong. It is obvious we have yet to reach peak oil. Peak oil can be affected by many factors that could either make peak oil very near or make it further in time, this all depends on: the rate of extraction and the rate and amount of new oil field discoveries. Once we hit peak oil, it will impact us immensely for the better or for the worse. Peak oil can cause things such as increased food prices, higher electricity bills, ridiculously high petrol prices, bankruptcies, homelessness, depression and even suicide. I will be focusing and talking about three main impacts of peak oil; Social impacts, environmental impacts and the economic/political impacts. Peak oil is approaching us fast and we should be prepared for that day.
Social Impacts.
Once we hit peak oil, oil will begin to be scarce. This means that the price of oil will increase and cause us to change our behaviors throughout our daily routines. First of all, it will lead to a sudden rise in unemployment. Anyone working in the plastic, petrochemical, oil, etc. industries will be at risk of losing their jobs as employers will quickly consider reducing jobs. Public and social services will begin to perish as the cost of providing services such as, police, garbage/waste collectors, and mail services will not be sustainable.
