81.4% of the world’s energy comes from natural gas, coal, and oil. Gas will last 50-60 more years, fossil fuel oil will last 40-50 more years, and coal will last 180-240 more years The production and consumption of barrels of oil has gone into an inverse function as we are consuming more barrels of oil than we can produce. In 2010 consumption exceeded production by over five million barrels per day for the first year ever This does not only put us in destitute for oil, but it also increases the demand for oil. When demand goes up, price goes up; as a result on June 8, 2010 prices shot up to a one-month high of $118.59 per barrel Today it sits at $111.32 per barrel.
The U.S. is now suffering an oil deficiency. At this time, we are now in the downward slope of a bell curve graph (Vinti). Oil is one of the U.S.’s main import that powers almost everything that is now beginning to lack. In 40 years the U.S. will run out of oil
The U.S. is now suffering an oil deficiency. At this time, we are now in the downward slope of a bell curve graph (Vinti). Oil is one of the U.S.’s main import that powers almost everything that is now beginning to lack. In 40 years the U.S. will run out of oil
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| This bell curve graphically demonstrates the decline of production in oil. |
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| This graphically presents the price of oil going up as it has slowly become a scarcity. |
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