University of Phoenix
Between rising demand for energy and the growing inability to increase energy production, a threat of economic collapse is approaching the global economy. The energy frenzy of the world has oil and food prices reaching historical records on a daily basis. The United States has historically been effective with action to prevent future breakdowns and turn them into opportunities. However, there has been a recent interruption in our nation’s capacity to understand the human and business concerns, and their strong relation to oil. How much time is left to sort these issues? In my report there will be a review of different options to relieve the supply and demand pressures on our energy supplies through the exploration of current consequences of our actions, oil alternatives, and awareness to energy consumption. Oil surpassed $130 per barrel in May of 2008, which depending on how they measure it, means that it is about 20% percent higher than the highs reached in the late 1970s and early 80s. In other words, this is getting serious. It is not the intensifying discussion of gasoline prices that we hear, but rather the impact that the price of oil is beginning to have on our nation and the global economy as a whole. If oil prices continue at this level or rise, there will be long-term shifts in how our economy works. According to Oliver (2008), the U.S. is the largest single consumer of energy on Earth. If the United States wants to remain as a strong nation (against other nations in the world) it must find its equalization for overcoming its biggest obstacles: Finding alternative sources for energy that will not trade one crisis for another and finding a way to become independently energy wealthy.
Leeb, Phd, and Strathy (2006) states “Most authorities continue to reassure the public that today’s soaring energy prices are temporary, that oil reserves... [continues]
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(2008, 06). Oil & Gas. StudyMode.com. Retrieved 06, 2008, from http://www.studymode.com/essays/Oil-Gas-154832.html
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