Hubbert’s peak theory said that the United States would peak in terms of oil production from 1965-70. His theory proved to be both precise and accurate in the end. The United States, today, remains the unparalleled consumer of oil within the world despite the fact that the highest growth in demand is seen from developing countries. The increase in demand for oil can be largely attributed to the demand for energy. Growth in industries within the world and growth within developing countries in general result in an incline of energy use. Things like transportation, specifically vehicles substantially raise the consumption rate of oil. And lastly, the growth in the world’s population collaborated with other factors to help cause the significant rise in the demand for oil. This poses a threat to agriculture as modern techniques incorporate the use of both gas and oil. A decline in the amount of oil readily available to the world can ultimately result in an incline in food prices and even famine. These are the severe consequences of Peak oil, which we can reverse, in the end, by changing our capitalist economy.
Capitalism revolves around constant growth. We are told that we have to consistently and constantly consume resources in order for GDP levels to increase to facilitate our capitalist economy. Oil is inextricably linked to our everyday lives, so if oil begins to decline due to Peak oil, it is impossible for GDP to grow. Conclusively, putting a stop to our capitalistic ways would be a better method to go about dealing with Peak oil and its consequences.
I hope these blog entries have informed the reader not only of the dangers of peak oil but also the changes necessary in our economy and way of living to continue a prosperous society.
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