Earth’s oil gauge on low put pressure on the proven reserve.
Rising demand puts pressure on proven reserves, which have not seen a significant boost in 30 years.
Earlier this year, Royal Dutch/Shell, one of the world’s biggest oil companies, cut the amount of its proven reserves by 22 percent in a scandal that led to the ouster of top executives at the British- and Dutch-owned company.
While oil prices are near record highs in current dollars, adjusted for inflation prices are well off the highs they hit in the 1970s and early ’80s.
Production of these proven reserves of fossil fuels is expected to rise. Estimates are that it’ll approximately doubling the amount of use of each fossil fuel. Therefore, As world population continues to grow, there will be a limited amount of fossil fuels as they begin to diminish. It won’t be possible to provide the amount of energy demanded by the world. By only using fossil fuels to convert energy is just ludicrous.
Also, there are plenty of ways to convert energy without fossil fuels. In addition, many are being used, although not nearly to their full potential. Therefore and more important, Countries must take action to promote a greater use of renewable energy resources. Some examples are geothermal energy or solar Andy wind power. Also, we can and must be well prepared. Trust that’s there will be a day when the supplies of fossil fuels are not as plentiful as they seem today.
Furthermore, given that the fairly low cost of converting natural resources to energy causes most countries to use fossil fuels. Yes, people use that fossil fuel only as their main source of energy. However, there is a major problem that arises out of this! Simply put natural resources are limited and non-renewable. There is only so much oil, coal, and natural gas that the earth can hold.
Yes, we can’t use these resources as if there’s an unlimited amount for much longer. Some estimates say that there may proven reserves may only be as few as 20 years of oil left. If the world keeps increasing consumption, oil prices will sharply increase. That will result in a possible international economic crisis (EIA). Prices would go up because of the simple economic model of supply and demand. There has been an increasing demand for proven reserves of fossil fuels in the past thirty year. In conclusion, that can be seen by the growing trend of energy produced by all three of the fossil fuels.
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