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What Happens When Crude Oil Dries Off?

For over one hundred and fifty years, we have driven our world towards an addiction; we have suddenly become chronically dependent on crude oil as though it might never be exhausted. Day after day, better and loftier technologies of extracting and refining this magic goo emerge at an astounding pace, all for satisfying the various needs in our brave new world. And so far, many have yet to seriously ponder the possibility of our fate when the resource dwindles, and eventually ceases to be.

Crude Oil Boom

Crude Oil Boom

Crude oil was found some thousands of years ago on earths surface during the Persian Empire and used as ointment, but not until over a century and half ago was mankind able to come to realization that it could be used to drive our energy needs, and it bye-products for a more sophisticated way of life. Several parts of the globe are blessed with crude oil deposits in various quantities, and qualities too. It also exists alongside a brother, natural gas. Both are trapped down there, waiting for man to appreciate use for them.

Crude oil was originally formed under the earth over several thousands of years from collection of dead plant and animal life which were trapped and subjected to high temperature and pressure, in which case we can say, certain forms of life were ‘cooked’ or ‘baked’ under extremely high temperature and tons of pressure existing beneath the earth’s surface. These deposits are scientifically referred to as Hydrocarbons.

These deposits could assume any geographical niche, and could be anywhere below the earth, deep beneath the high seas, or in shallow waters. States with however little quantities of these deposits belong to the club of rich Nations. Naturally, highly favoured nations could afford an arrogant stance for obvious reason. Petro-dollars drive such economies, and global corporations dealing on oil and gas have become arrogantly rich too. Individuals with little or serious interest in the industry become fat cats, stupendously making good or troublesome use of their wealth. Families become so wealthy, future of generations unborn seem secured, ambitions flare, destinies change, and names are written with oil on wealth’s hall of fame.

 

Crude Oil Boom

Crude Oil Boom

DECLINE…

But the real doom is when (and not if) oil dries off. It’s been estimated that the world has a deposit of a trillion barrels of oil, and for several years we have been plundering the mother earth of this resource more than any other.

Nothing lasts forever, they say, but it applies to our beloved black gold also.

When oils deposit begins to dwindle, nations that are ill-prepared will definitely be severely hit.…..

  • Exports begin to recede because wise nations will begin to store for coming hard times. This will have adverse effect on the economies of nations hell-bent on oil earnings like Nigeria.
  • Price of oil begins to skyrocket. The natural laws of demand and supply have sway. Oil becomes diamond, oil stock jumps up momentarily.
  • Nations with Oil deposits begin to call the shots. Nations like Iran, Iraq, Saudi Arabia, Venezuela, they can decide to punish their enemies, and such will suffer. They begin to decide who to do business with.
  • Oil becomes weapon of mass destruction. Withdraw export to an enemy nation and you succeed in grinding their economy to a halt.
  • Scarcity of petroleum products begins to make life difficult.
  • Transportation begins to be expensive.
  • Travels become a serious luxury.
  • Every industry begins to panic because production depends on oil.
  • Vain speculations and theories about deposit somewhere or possibilities of resorting to something.
  • Advanced nations begin to unleash new technologies which might never proffer an immediate solution to the lingering catastrophe.

GONE!

Finished. Finito! The real tragedy strikes when there happens to be no more oil and gas to power our oil and gas dependent world.

When oil deposits are gone…..
  • Oil Nations begin to order their ships with oil consignment back home.
  • Wise nations begin to depend heavily on reserves.
  • OPEC becomes extinct
  • Oil stock falls and become worthless.
  • Massive job loss begins to bedevil our world.
  • Millions of Oil workers and Expatriates lose their jobs.
  • No more fuel to power cars, trucks and generators. Hence, car manufacturing plants and dealers are forced to close shop. Automobile workers lose their jobs en masse.
  • Banks and insurance firms begin to liquidate.
  • International trade comes to a halt. Logistics workers go back home.
  • No more fuel for production of virtually everything. Factory workers go back home.
  • No more gas to power turbines which produces electricity
  • Communications systems breakdown all over the world.
  • Mechanized agriculture which hitherto depends heavily on petroleum products suffer serious blow, hence food become scarce.
  • Poverty takes a serious toll on the inhabitants of the earth.
  • People in large populations such as India and Indonesia, Niger, and many African countries die of malnourishment, and poverty, children, women, and feeble men
  • Many people die in hospitals. Those on life support machines die instantly. No more medical equipment like gloves, plasticines, and all plastic equipment.
  • No more hundreds of thousands of petroleum products which we depend on for our daily lives. Such as toothpastes, lipsticks, polyester, synthetic leather, jelly, hospital supplies
  • Crime rate increases, riots on the street, arm guards everywhere.
  • People begins to move to the villages and resort to farming just to have something to eat.
  • It will be very difficult; America and other developed nations will make tremendous efforts to sorts self out.
RECOVERY?

After several years, things will begin to come back to shape because it is in the human spirit to adapt to change and also to survive…….

  • Earth’s population would have reduced.
  • Electric cars will take over.
  • People will begin to come back to civilization.
  • Nations like Bolivia, known for biofuels become the oil sheiks of the new era.
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