Oil Reserve Depletion & The Introduction Of Biofuels
Within this century it is assumed and predicted for a long time that our oil reserves will be completely depleted. Although present estimates indicate that the future consumption of petroleum in America may actually drop and possibly even decrease in yearly consumption. Have biofuels been the catalyst for this oil reduction? Many European countries have made a changed from petroleum based products to biofuels.
Seemingly the answer to our world wide oil shortage, biofuels may not be the final solution! The adoption of biofuel in some countries has had some side effects, such as food shortages, or more specifically vegetable oil shortages.
So will more countries blindly follow in this “new” form of energy conversion? Only time will answer that question and whether or not it is more important to find energy alternatives to biofuel or exploring different methods of crude oil exploration & extraction. Biofuels are proving to be only “part” of the solution as other countries tentatively explore their options with food shortages being a well known complication of embracing these new changes.
Environmentalists predict the possibility of a complete switch from crude oil to these biofuel alternatives by 2050. This may be an unrealistic goal as crude oil also provides us with much more than petroleum based fuel products. Rather crude oil is also a a raw source for producing chemicals for manufacturing plastics, chemicals and drugs as well as some fabrics. So although the “switch” may occur for many fuel based products the complete non oil extraction and production is very unlikely while the reserves manage to hold and maintain the demand.
Demand of conventional oil will eventually and may soon exceed supplies of conventional crude oil. The United States government has long recognized the strategic potential of the nation‘s massive oil shale resources. Production of shale oil has been perceived as an uneconomical alternative with the historic price of crude oil, however with higher crude oil prices currently and future crude oil price rises there will be decent returns in revenue for extracting this oil and investors are starting to take notice of the potential of this huge reserve.
17th Aug, 2007
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