There are several aspects of the global oil crisis. One aspect is the price of oil. High prices force companies and governments to look for other alternatives, such as solar energy and wind power. Current level of prices is pushing many governments in that direction. Another aspect is the current oil reserves. The global demand may be slightly increasing, but the rate of new discoveries and reserves is higher, thus giving the hope of increased...
There are several aspects of the global oil crisis. One aspect is the price of oil. High prices force companies and governments to look for other alternatives, such as solar energy and wind power. Current level of prices is pushing many governments in that direction. Another aspect is the current oil reserves. The global demand may be slightly increasing, but the rate of new discoveries and reserves is higher, thus giving the hope of increased future resources. However, reserves may or may not be completely accessible or practically harvested. Also, think about the new technologies that may be developed (in next few decades) to help us harvest the oil fields more completely. One such technology is microbially enhanced oil recovery and it aims to increase the oil supply from oil fields that are considered exhausted (technically). Another interesting aspect is the global warming which is causing countries ot commit to reduced carbon production. This will encourage reduced oil production and consumption and more emphasis will be placed on cleaner and renewable energy sources. All in all, there is still hope for sustained oil production for a long time.
Hope this helps.
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