Crude Oil Prices – Soaring Sky High and Still Going

JP — Sun, 25 Jan 2009 11:10:33 +0000

In our modern and industrialized world, no one can escape oil—and no one can escape its soaring prices. From vehicles to industry machines, oil is needed to run the gamut of everything that needs to be run to make the world function properly. Okay, that might be a bit overboard, but it perfectly exemplifies how dependent the world is to crude oil and crude oil prices.

Economies of some third world countries at times rise and fall entirely or mostly dependent on black gold. Crude oil prices that affect industries and economies is in turn affected by global or international event’s, such as the more recent conflict in Gaza that dictated yet another price hike lately. It’s a wavy ride, one that countries can’t afford to lose sight of.

Crude oil prices, or the price of petroleum, depend on geographic, political, economic, and quality factors that all play into one mesh that then gives the basis for how much a barrel of oil sells for. At the receiving end, normal citizens get to gripe about it but in actuality can do nothing but go with the flow. Such fluctuations in the price of precious oil can at times lead to depression in a financial system and a crash in an economic area. That said, world leaders and international communities always get involved when it come to one of Earth’s most precious and poisonous commodities.

It’s fascinating to think that when oil reserves finally run out, it would be refreshing in that our dependency to oil would be cut short, but also frightening in the sense that resource wars could even happen in the absence of it. Taking everything into consideration, it would be best to end our oil hungry trend before we run out of it.

Peak Oil Doomsday

JP — Tue, 20 Jan 2009 17:42:31 +0000

Almost every other day a homeless person might shout out signs or visions of impending doom. Even in welcoming the second millennium a worldwide doomsday craze caught wildfire and even had some people building shelters to survive the cataclysm. During that time the scare was information technology related—computers would all crash, signaling the rest of the signs of Armageddon to follow. Well that didn’t happen. At most, computer systems just had trouble telling that ‘00’ pertains to 2000, not 1900 (as ‘99’ is 1999 or ‘86’ is 1986). That bug was fixed relatively easy. But what’s coming next cannot be remedied just as easy, and calling it a mere ‘bug’ would be a severe, fatal understatement.

The next doomsday scenario, if you would, is called peak oil—the end of the line in oil harvesting and production. Peak oil refers to the inevitable point in time when Earth can no longer cater to humankind’s hunger for carbon-based fuels, because there’s nothing left. For example, if 2010 would be the year all reserves would be depleted, oil production would then recede, and considering the fossil fuel need of an even bigger population by then, oil prices would go up in the sky, economies dependent on oil would crash in on themselves, and even wars in pursuit of resources could possibly occur.

Professionals and experts have all agreed peak oil is a phenomenon waiting around the corner. And for all of those who know what that means, high hopes are placed on today’s world leaders to make the right decisions immediately to preempt a fall out ridiculously caused by what everyone wants so much—oil.

EnergyCrysis » oil

Crude Oil Prices – Soaring Sky High and Still Going

Peak Oil Doomsday