The future of oil is in ambiguity. Developed countries seem to be replacing oil with other renewable energies. Please leave a comment? Thankful
Well, most developing countries remain underdeveloped because of factors like corruption, poor technological development, bad policies, etc inhibiting the growth. Much as Renewable energy is dominating the globe, the future of oil is still bright in developing nations especially the oil producing nations.
For such nations like Nigeria, oil generates more than 80% of its national revenue and it is important that oil retains its relevance.
I however believe that there will be change in peoples orientation to the use of oil /renewable sources in developing nations by the next two decades.
Well, most developing countries remain underdeveloped because of factors like corruption, poor technological development, bad policies, etc inhibiting the growth. Much as Renewable energy is dominating the globe, the future of oil is still bright in developing nations especially the oil producing nations.
For such nations like Nigeria, oil generates more than 80% of its national revenue and it is important that oil retains its relevance.
I however believe that there will be change in peoples orientation to the use of oil /renewable sources in developing nations by the next two decades.
Many predictions are taking about the end of oil era in about 2040, by emphasizing on the great progresses in the field of electric and hybrid cars. However it should be noted that although electric and hybrid cars are growing rapidly, and they will be the future of transfer, there are several reasons that confirm the need for oil will be continued many years after 2040.
Transformation is only a limited part of oil needs and since the population of the world is growing and the need for energy as well as the production of petrochemicals (such as plastics) are rising, the need for oil will be rising for at least 20 years from now.
Personally I think the peak point in the rising need for oil in the world will be at least about 20-30 years in the future. and although the need for oil for transformation will be decreasing, the need for the petrochemicals will be rising.
I totally agree with all RG Colleagues. Additionally please refer to predicted oil prices in the future:-
http://www.marketwatch.com/investing/future/crude%20oil%20-%20electronic
The oil markets face major challenges in the coming years, the most important of which is the adoption by industrialized countries of new laws to reduce greenhouse gas emissions and climate change. The goal of these countries is to move away from fossil fuels and use renewable energy sources such as solar and wind. The logical consequence of these efforts is the continued decline in demand for oil and its derivatives. Here, two facts must be acknowledged: first, that these countries face great challenges in achieving these goals, and secondly, there is a great disparity between these countries in achieving these goals. Taxing fossil fuel products and then providing subsidies for renewable energy sources is not the optimal economic solution, and not the optimal environmental solution. And creating markets for carbon trading has its disadvantages and benefits.
"
Dear M. J. Ebadi,
I hope you are doing fine.
Please find our following very interesting article on this topic.
https://www.researchgate.net/publication/314238244_Recent_Volatility_in_the_Price_of_Crude_Oil
Have a wonderful day.
With regards,
Nizami
Search for low cost carbon and cost effective conversion into oil is one of the possible solution. In developing countries there are many opportunities to find and utilize the low cost carbon source for energy purposes.
It will regain its position, because developing countries are addict of oil
The oil's past is what brought us the deadly hurricanes and winds, I hope there is no future for dirty oil, or we will all be swept by the power that weather brings.
oil is being used in many different sectors. We should first consider the future of each sector, one by one. Then we can have a whole picture from it.
About 20% of electricity generation of whole world is by oil. By increasing the usage of renewable resources, fossil fuel consumption decreases day by day. Of course this takes more time for developing countries.
Next part is transportation. Oil is the base of the fuel for almost all transportation devises. Cars are changing to electrical right now, so oil consumption to make fuel for them will decrease. But there are some transportation methods which still need lots of time to turn electrical, like airplanes and ships.
Some industries need fossil fuel for heating purposes such as, steal and cement plants. I don't there will be an alternative for their need, anytime soon.
Also there are lots of other productions from oil that are in use and will remain in this way (plastic is the most simple example).
In general, our need to oil will be decreased in the future but answering to when and how much, needs complete and general studies.
Not ambiguous. Fossil fuels will progressively be substituted by renewable energy (solar and wind power) and biofuels, but it is impossible to estimate complete disappearance. This is why oil companies are progressively changing to renewable energy companies. More about the subject you can find in some articles reference in my profile.
- Badges
- Science topic
- Similar topics
- Physical Sciences
- Energy