Energy - The Not-So Bottomless Oil Well and the Alternatives
In 1859, Colonel Edwin Drake struck oil in Pennsylvania by drilling. This led to the world’s first oil boom, and oil soon flooded the world market. Many people believed that a global “Hubbert’s peak”—the maximum recoverable oil supply—would be reached in 2000. However, estimates on the ultimate recoverable resource have been increasing, due to a combination of economics and innovation, materialized. The topic examines both sides of the “Hubbert’s peak” debate and their implications for energy policy. If there is a strong case for governments to wean their economies of oil, how do they do it? What low-carbon or alternative technologies bear watching? How will these technologies affect the environment? How long will the world remain reliant on oil considering that industries are 98% dependent on petroleum products? Power point presentation included.