Impending Oil Crisis

Pages: 3 (787 words) Published: June 11, 2009
Activity 1: "Not everyone agrees that there is an impending oil crisis. Develop arguments that we are not likely to run out of oil anytime soon." (It is possible that such arguments also may need to take account of concerns that we are likely to run out of oil sometime soon.)

It is hard to imagine the world without oil however there are groups, societies, governments and people all over the world that believe that the end of the oil era is approaching. The truth is that society has no idea of how much oil remains in the reserves or how much remains untapped. Society has to remember that every nation reports its own reserves and as Dr. Colin J. Campbell put it "Estimating oil reserves is a scientific process; reporting oil reserves is a political act". So will society ever know if there is a crisis or what stage the impeding oil crisis is at? The answer is no. A few facts that everyone agrees on are that the oil supply can not last forever therefore new technologies must be designed. Technology is advancing and depending on the available technology, improved location and extraction methods will further increase current oil reserves. In addition economic issues will not allow another oil crisis to occur. These are some of the factors why I believe that there is no oil crisis and are explained below in further detail. I believe that there is no oil crisis because I am in the research and development industry for offshore oil exploration in the seismic sector. With exclusive rights on its technology to 2013, our company is one of the few companies in the world using Four Component (4C) Three Dimensional (3D) Ocean Bottom Cables (OBC) technology. Unlike traditional seismic surveys which tow their cables and sensors on the sea surface, we eliminate the errors from the water column and put our sensors on the seabed. We have offices all over the world and some of our most notable exploratory projects are in the Gulf of Mexico, North Sea, Brazil, and Nigeria. Our...

References: Athabasca Oil Sands. (n.d.). Wikipedia. Retrieved May 25, 2009 from http://en.wikipedia.org/wiki/Athabasca_Oil_Sands
Jean Laherrerem, J. (2001). Estimates of oil reserves. Retrieved May 25, 2009 from
http://www.peakoil.net/publications/estimates-of-oil-reserves
Oil Reserves. (n.d.). Wikipedia. Retrieved May 25, 2009 from
http://en.wikipedia.org/wiki/Oil_reserves
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