What Happens to Society When the Oil Runs Out?

What happens to society when the oil runs out?

In the world, today, oil is an essential source of energy in almost every sector of the economy. Oil is essential in the transport, manufacturing, mining and extraction of resources and other sectors of the economy. Oil is a non-renewable resource, meaning that there is a fixed amount of it to be extracted (Jackson). The available amount of the world’s oil reserves has been a serious concern to energy companies, professionals and the industry analysts. This subject is complicated by those analysts who claim that the available oil reserves will last for many years.

The world is certain that, one day, the world’s oil supply will come to an end. In the society where we live today the entire industries depend on oil. This raises the question about the future of the world if not prepared to face this fact. Countries need to figure out the reliable alternative sources of energy, and the way we can change the way we depend on oil. This will give answers to the question of what happens to the society when the oil reserves come to an end. If these answers fail, there will be negative impacts to the society. There will be loss of jobs due to collapse of industries, high inflation due to increased production costs, financial crisis and overall slowdown of the world economy.

Developed nations of the world are coming up with alternative sources of energy. Renewable energy is the alternative source that is promising to replace the dependency on oil (Fredrick). The common renewable energy sources include the solar energy, hydrogen fuel cell, wind energy, tidal energy and geothermal energy. Many commercial buildings and households are gradually shifting towards dependency on solar photovoltaic systems. The technology of hydrogen fuel cell is under development. This technology, which uses hydrogen and oxygen, is promising as an important alternative to oil usage in motor vehicles. Also, countries are increasing their geothermal...