Do you think that decreasing oil reserves world wide will help or hinder the oil industry and those employed by it (eg. engineers)?
increase:
supply and demand, demand will go up and supply down therefore the oil industry will grow and jobs in it will increase.
decrease:
many economies will switch from oil to alternative energy, due to cost and environmental concern, and thus the oil industry will lose power and jobs.
What do u think?
As reserves diminish the price will rise. making hard to get oil profitable, so engineers that work on getting oil from things like tar sands and shale or very deep in the ground and ocean will still have employment. The switch to alternative energy will be slower than most people think unless there is some unexpected breakthrough in the technology that makes it cheap. Even then we will need oil for things like fertilizers and chemicals,
August 31st, 2009 at 10:07 pm
I give cars 3 more years before they disappear
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GOD
August 31st, 2009 at 10:39 pm
well you see when oil reserves go down………..
demand goes up…..when the demand goes up everyone realises theyre paying a lot for something thats harming them too………..so they find alternatives………….
Jatrophas crops………Solar Power………Biodiesel……..its all kickin up now………wonder what it’l be when the Middle Easts starts sellin oil over 100$…
n well……..as a result………people will shift to these newer industries………and THUS……..the demand will go down……..
and everything i just said will happen in reverse till the same thing happens again………….
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The fundamental law of nature……….what goes up must come down…
<im an engineer btw>
August 31st, 2009 at 10:57 pm
It will likely remain neutral… in a way.
The more that oil prices go up, the more people will find a way to avoid using oil. This will cause oil prices to drop, and then people will go out and buy SUVs again.
Maybe eventually someone will come up with a breakthrough technology that’s just simply better than oil and then oil industry will mostly vanish overnight.
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August 31st, 2009 at 11:30 pm
By definition, a proven reserve is one that can be developed economically. As prices rise, more recoverable oil sources become economic.
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August 31st, 2009 at 11:41 pm
I think that The American Citizens that voted for Obama Bin Laden should be hung like he’s going to hang all of us and turn America into the next third world country, I think Obama is a 2 face liar like I know he truly is, I think I need a lap dance and a shot of patrone.
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September 1st, 2009 at 12:17 am
As reserves diminish the price will rise. making hard to get oil profitable, so engineers that work on getting oil from things like tar sands and shale or very deep in the ground and ocean will still have employment. The switch to alternative energy will be slower than most people think unless there is some unexpected breakthrough in the technology that makes it cheap. Even then we will need oil for things like fertilizers and chemicals,
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September 1st, 2009 at 12:53 am
Just to clarify, demand will not increase. Supply will decrease pushing the price up and so demand will decrease. Jobs will decrease, except in the areas of seeking new sources for oil.
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