Oil is everywhere. It permeates our daily lives in ways we never think about.
Our food is oil intensive, the tractors in the field run on diesel and fertilizers, pesticides are all oil. The roads we drive on, are made of asphalt which is Oil, the tires of our car are made from oil, lubricants are oil. It takes a pretty sizable price increase for people to scale back demand even a little.
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- Are We At The End of the Oil Age? | Cambridge House International.
Crude oil, since its discovery has penetrated deep into our daily lives and we would be crippled when the reserves of crude oil are depleted. Your email address will not be published.shopmattress.net/libraries/other/888.html
Historic moment: Saudi Arabia sees End of Oil Age coming and opens valves on the carbon bubble
Save my name, email, and website in this browser for the next time I comment. Oil is Everything: Oil is everywhere. Petrochemicals are the glue of our modern lives and even in glue, too. And because of all that, petrochemicals are in our blood.
A New Watchlist
A transportation revolution is underway that could completely transform the oil market in the coming decades. A hundred years ago, coal accounted for close to 80 percent of US energy consumption.
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- End of the oil age | The Indian Express.
This happened even though coal was cheaper than oil, because there was no real alternative to power motor vehicles, which quickly went from an exotic luxury to the preferred means of personal transportation. Today, automobiles account for about 45 percent of oil consumption in the world. With the rise of electric vehicles and renewable energy, the world may be on the verge of a revolution in transportation and energy technology that could transform the oil market the way the coal market was transformed a century ago.
Like coal then, oil could see its share in energy demand plummet in the coming decades.
The End of the Age of Oil
The year —when Ford first sold a mass-produced, affordable vehicle—was a tipping point. With their much lower maintenance and fuel costs, it is hard to deny that electric vehicles could displace a sizable number of motor vehicles in the not-too-distant future.
Others also predict a sizable displacement of motor vehicles, albeit at a slower pace. Not really.
Column: U.S. oil reserves rise to record despite production boom - Kemp - Reuters
Renewables have also witnessed revolutionary development in the past decade. The cost of producing electricity from solar power has fallen by 80 percent since and from wind power by 60 percent. Unsubsidized solar and wind energy, already competitive in 30 countries, is projected by the World Economic Forum to become cheaper than coal and natural gas in more than 60 percent of the world in the next few years.
Even without further technological advances, the penetration of renewables will spread as capacity investments already underway are completed.