World Oil Consumption per Day

Oil is a resource… it will run out

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TheWorldCounts, 09 July, 2014

Oil is a resource… it will run out

For decades now, the topic of when our oil will run out has been the focus of analysts and industry experts. The concern is real. Oil is a resource and will eventually be depleted. Once we discover and process all sources, there’s nothing else. It’s only a question of time.

Oil still remains the largest source of primary energy worldwide. According to the U.S. Energy Information Administration, the global supply of oil, bio-fuel and liquid hydrocarbons are still enough to meet the global demand for liquid fuels for another 25 years. The good news is that developing countries are now seriously exploring and using alternative and renewable energy.

Here’s the latest report on Oil Consumption and Demand.

  1. The world oil consumption per day is 91.7 million barrels as of May 2014.
  2. The U.S. is the largest oil consumer in the world, using up 18.83 million barrels a day.
  3. China uses 10% of the world’s oil. It is expected to overtake the U.S. as the largest oil consumer.
  4. The global oil demand is expected to increase by 1.3 million barrels a day by late 2014.

What is Peak Oil?

Peak Oil is the point of maximum production, after which the rate of production will decline. There will be no oil to extract. As is the usual problem when supply can no longer meet demand, the price of oil will steadily increase. The negative impact will affect all economies that are heavily dependent on oil for their transportation, agriculture and industrial systems.

Optimists believe that when Peak Oil happens, the world will already have alternative energy sources and a transition can happen before a crisis occurs.

Read More: Global Climate Change Facts

What will happen when Oil is depleted?

Assuming that we are unable to find alternative and renewable energy to replace oil, we can expect the price of crude oil to continue increasing, including the cost of all its’ by products such as plastic. Oil is deeply ingrained in our daily lives. We are a fast moving world due to our ever developing modes of transport, which runs on oil. The transportation industry and agriculture will be affected, causing a domino effect when the distribution of other products slow down or stop altogether. There will be shortages of unprecedented proportions.

What alternatives are we looking at?

Maybe running out of oil will be good for the planet. Maybe governments and industries will focus their efforts in finding a more viable and sustainable energy source. Finding and producing enough to sustain the global demand. Earth will definitely be happy with that.

Currently, we know about renewable energy and some countries have actually tried using it. Renewable energy comes from sources which are replenished naturally in a lifetime – such as solar, wind, rain, waves, tides and geothermal heat. These sources of energy are available to all, unlike oil which is available only in a few areas.

Biofuel is another option. A few examples of liquid biofuel are bioethanol, bioalcohol and biodiesel.

Read More: How to Reduce Our Ecological Footprint

There are a lot of options if only the world will decide once and for all that it will stop burning fossil fuels. Yes there are risks, but we will probably be better off once our oil supply is gone. In the meantime, conserve energy and encourage your congressmen and senators to support renewable energies.

Read more about how you can reduce your footprint at The World Counts: Stories. Peak Oil is just one of the consequences of our lifestyle of waste. We can still change. Find out how you can do your share.

References

  1. US EIA: Do we have enough oil worldwide to meet our future needs?
  2. US EIA: Global Petroleum and Other Liquids
  3. Wikipedia: Mitigation of Peak Oil
  4. Wikipedia: Renewable Energy

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