The Oil Crash

A Crude Awakening –The Oil Crash

The film explains what an incredible material oil is, how it was generated, and how much energy it holds. The message is simple: oil is a one-of-a-kind exceptional bequest bequeathed to us by history, a material so energy-dense that it is no surprise that we have squeezed it out of the earth and built an entire society out of it in less than 150 years. As the video points out, due to the impending peak in the global oil supply, this insane level of dependence cannot continue. It is a film that avoids sensationalizing the story and instead lets the facts speak for themselves. It is not very specific about the potential consequences of peak oil, allowing the viewer to follow such lines of thought in their mind.

Peak oil is the hypothetical place where the world's unrefined petroleum creation arrives at its most extreme level, after which it starts to fall. If someone in the petroleum industry had suggested that Peak Oil had already passed a year ago, they would have been laughed off the drilling rig. Then came the year 2020. Planes ceased to fly. Workers at the office stayed at home. Driving to see family was replaced by zooming with the cousins and nephews. The sharpest decline in oil usage occurred during a year of worldwide hunkering.

The film highlights how reliant the world is on oil. The film's primary goal is to depict the level of chaos if the world's oil supply runs out, which was a mind opener to me. In a few aspects, this picture was about science and society. The film mostly accomplished this by highlighting our society's reliance on oil. Oil is used for more than just cars. We use oil in our industries and farming activities; in other words, humans have turned oil into a god because no matter the religion, all worship it.

As indicated by the conventional perspective on peak oil, creation declines as the expense of extricating extra repositories rises. This would put a strain on existing stores, which are slowly draining. Peak oil will be accomplished on the off chance that new holds are not brought quicker than existing stores (Remarkable Encounters). There is a limit to how much oil the globe can obtain and refine because oil is a non-renewable resource. If we fail to devise new ways in our oil usage tactics, we risk running out of it.

If the oil market collapses, society will be impacted in various ways. When a society fails, it increases unemployment, poverty, and bankruptcy. The difficulty right now is that only one out of every 100 people is aware of the crisis we're dealing with. We will face significant economic implications if we wait until peak oil arrives before looking for solutions. Transportation consumes more than half of the world's crude oil, three-quarters of that going to automobiles. Forecasts for electric vehicles shape the outlook for oil. Car sales plummeted in the first nine months of 2020. With the remarkable exception of Tesla, every major automaker was impacted. The electric vehicle manufacturer sold more vehicles than ever before. Even though the rest of the economy was frozen, Tesla had its longest run of profitable quarters.

Electric vehicles, in general, have thrived even as regular automobile sales have slowed. Despite double-digit growth in their electric vehicle sectors, total sales fell to new lows for both Volkswagen and Daimler. From the insights of the film, I need to change my habits. The rule of supply and demand applies in this field too. If I reduce my oil demand, its supply too will go down. Therefore, adopting the green economy would be much more sustainable.

Reference

Remarkable Encounters. “A Crude Awakening - the Oil crash.” YouTube, 20 Nov. 2014, www.youtube.com/watch?v=odCZpBPfFQk.