Oil Shortage
The age of cheap and easy oil may be coming to an end. The incredible price fluctuations (mostly upwards) have created a heated debate amongst businesses, politicians, and the general public. This debate of energy supply may be one of the most important social issues today. This paper will cover the possible consequences of an energy shortage, as well as present opposing viewpoints of the likelihood of a future oil shortage.
The modern industry economy is heavily dependent on access to cheap oil. It is important to understand that this debate does not concern itself with whether or not oil will completely run out, but rather the acknowledgement that a significant decline in the availability of oil will increase real prices and cause a drop in the standard of living, possibly catastrophically so.
For instance, one must consider the effect that increasing oil prices have on transportation costs. For instance, about 2/3 of the oil supply in the United States is used for......
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Approximate Word Count: 1959
Approximate Pages: 8 (250 words per double-spaced page)
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