Its growing population can be fed, land is actually being purchased in some countries Major infrastructure projects can be continued e. The point when maximum extraction of oil is reached and after which point the extraction of oil will reduce.
The problem is that demand is increasing at a faster rate than proves reserves. Oil price changes There were a number of reasons for the rapid rise in the price of oil in the mids: The significant increase in the demand for oil was the largest for almost 30 years.
Very high growth demand in China, India and the USA and some other economies has had an impact on the rest of the world. Many emerging economies, such as India and China, subsidise oil which encourages consumption. The low oil prices for most of this period did not provide enough incentive for this investment.
Problems in the Middle East centred on Iraq. Exports of oil from Iraq are well below potential because of terrorist attacks and the slow pace of reconstruction after the War.
Major buyers, particularly governments, stock up on oil to guard against disruptions to supply. Hurricanes have had a significant impact, particularly on US oil production in the Gulf of Mexico. Refining capacity in the USA was limited due to inadequate investment in recent decades.
US refineries are ageing and thus requires more maintenance which in turn reduces capacity. There was a lack of spare oil production capacity. In the past Saudi Arabia has maintained a significant amount of spare capacity wells it was not pumping oil from to prevent global supply problems when supplies were interrupted in other producing countries.
This spare capacity has declined to a year-low. De-industrialisation and increasing energy efficiency in developed countries has led to an increase in demand.
Germany and the UK show a decrease due to higher efficiency rates. China is the largest consumer of coal. It is expected to need million tonnes of coal a year by India, Malaysia and South Korea are also recording high increases in energy demand. There are concerns that there are not enough large scale projects underway to offset declining production in well established oil production areas The International Energy Agency expects peak oil production to reach somewhere from to However, the Association for the Study of Peak Oil and Gas predicted that it would reach its peak in This association has been criticized since it has changed the year when peak oil will occur.
For instance, Indonesia decided to leave the organization since the country became a net importer of oil.
Energy insecurity is rising since there is little excess capacity to ease pressure on energy resources. This led to a massive energy shortage which was known as the energy crisis. The oil was to be stored in abandoned salt mines in Texas and Louisiana. The aim was to store 1 billion barrels of oil.
The strait is very narrow Some concerns have arisen about other key energy pathways: Local rebel groups have attacked the oil installations in the Niger delta. Inthe Movement for the Emancipation of the Niger Delta intensified the attacks.
InNigeria was the 12th largest oil producer in the world. The US is concerned about its reliance on oil supplies from Venezuela. InVenezuela announced that it had stopped selling oil to Exxon Mobil. The reduction of consumption Reduce: Reducing the waste created and using less of our resources saving more for later.
It is the first R because if there is less waste, then it means that there is less to reuse. It is the second R because if there is more to reuse there will be more to recycle.
Converting waste into a material that can be reused.Global inequality in consumption, while reducing, is still high.
Using latest figures available, in , the wealthiest 20% of the world accounted for % of total private consumption. Ensure sustainable consumption and production patterns.
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Please note that the resource is Crude oil (plastic bags are made from this) and Fossil fuels. Carbon is the byproduct of consuming the resource (fossil fuels).
Carbon is the byproduct of consuming the resource (fossil fuels).