Fossil Fuel Reserves

Relevance

There is great debate on how long oil reserves will last with the constantly increasing demand for energy. If the demand continues to increase, and the supply of oil decreases, prices will increase accordingly. This increase in price will affect the consumers’ willingness to switch to alternative fuel sources and reduce CO2 emissions. In addition, there will be greater incentive for business to invest in alternative fuels and this in effect would benefit the environment. It is interesting to question whether it would be good to use all of the planet’s remaining oil reserves. On one hand, it will increase CO2 emissions which the pessimists assume would have a drastic effect on the climate, while the optimists believe the heating will be less than many expect. On the other hand, if the price gets high enough, there is more of an incentive to switch to other more sustainable energy sources. The question really becomes how much oil there really is, and how long will it be before the world is ready to change.

Optimist

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Pessimist

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References

[How much oil do we really have?]

Population | CO2 Emission | Fossil Fuel Reserves | Renewable Energy | Free Trade | Agriculture